Hy Dickson, it sounds to me like the timing is out, tcledermans questions are good ones. I would verify the timing of number one cylinder with the finger over the spark plug hole method. Two other questions, how long has it been since this engine ran, and how long before that did it have a tune-up? I have seen many "running" engines swapped that would not start when they were installed in their "new" vehicle, many of those engines needed new spark plugs. When the distributor was re-installed did it go all the way in to engage the oil pump drive? A bad condensor can cause all kinds of ignition problems, maybe a full tune-up is in order, hope that helps.
