The distributor rotates clockwise. I made the mistake of wiring up mine counterclockwise the first time I did it and had a horrible backfire blow my aircleaner off the carburator.
Black sooty plugs are definately not a sign of tight valves. Tight (intake) valves behave exactly like a vacuum leak, which causes a lean mixture.
I bet if you replace all your plugs with new ones it will start right up. Every balky engine I have ever had has needed new plugs. The original 216 my truck had when I got it (may it rust in peace) wouldn't start or even fire but I put in new plugs and it started right up. My dad was about ready to send his lawnmower to the shop when I told him to try a new plug and it started on the first pull.
