Here's a quick way to check cam timing. Roll the engine over with the valve cover removed, and watch the #6 valves. When the #6 exhaust (last one in line) is fully open with the valve spring compressed all the way, keep turning, carefully, until the exhaust is almost closed and the intake rocker starts to move. At that point, the pointer in the window above the starter and the ball on the flywheel should be aligned, or very close to it. If the timing gears are even one tooth off, the overlap and the pointer/ball alignment won't even be close. You can also probe the #1 or the #6 cylinder spark plug hole with something soft like a soda straw or a zip-tie and feel for the piston to come to the top when the valve overlap position happens at the rocker arms. DO NOT use a screwdriver or anything else rigid for that test!
Edit: An out-of-time cam will cause some really oddball compression test readings. Have you checked the compression? On a fresh rebuild, compression pressure should be well over 100 PSI if the cranking speed is close to normal.
Jerry
Last edited by Hotrod Lincoln; 12/09/2011 2:49 AM.