Timing gears do not skip and keep running. You would have to know the cam timing to check against top dead center and opening and closing cycles. You will need a degree wheel and dial indicator also, so really, NO you can't tell with out looking. It should start and run even being a tooth off, but it would have been installed that way. You can advance or retard the distributor enough to get them running, but power level should be off, not a fuel related problem.
With a good hot spark now, you should be able get back to fuel related or vacuum related problems.
Does this have hydraulic lifters or solid lifters? What clearance did you adjust them to? You might try adding some more to be 100% sure the valves are closing all the way, even if they are hydraulics if thats possible.
It sure keeps coming back to a vacuum leak or low compression.
Hows the exhaust smell? really lean smells bad and full rich smells bad and smokes, also really lean makes a bunch of heat at the manifold and down pipe.
Can you install a vacuum gauge to the intake, then close off the carb opening 100%, crank the engine and see if you get a vacuum in the manifold? It might lead you to a leak or be more noticeable. Due to firing order it might not show on a gauge, but it should do something.
Joe
