You have pulled the dist and the dist drive out of the motor. The only way you will know if the timing gears have jumped is to pull the timing cover and look.

Are we sure he didn't just loose ignition for a moment? What are you running for an ignition system? You have a rev limiter, which might suggest maybe an MSD?
I went back and read the 1st post. He heard pinging, then felt loss of power (hit rev limiter, ignition failure, shut down spark, flood plugs with gas (6,000 rpm, no spark). Then it idled at lower then normal rpm (ign came back, but now the plugs are gas fouled). Lost oil pressure (sudden motor shutdown from high rpm, sudden reduction in vehicle speed, worn bearings from NOS?) Then he turned ignition off and hauled it home. No place does he say he checked for spark. He was more concerned about no oil pressure, and pulled the dist & dist drive, then the oil pump and disassembled it.

Oil pump wear consistent with a 40K motor. Lower compression numbers with the rear 2 cylinders consistent with a dual quad street motor probably often running rich. He is showing decent oil pressure with a fresh pump on a cold motor with fresh oil, but that may not be telling the true condition of the rods and the rod bearings with consideration of multiple 6500 rev limiter hits and the addition of nos.

There may or may not be a timing issue, and its something I would be looking at. Baring a timing chain issue, things are adding up to an ignition loss, or partial ignition failure compounded by a worn motor that has seen 40,000 miles of hard use.

It may run if he brings #1 up on compression and gets the dist & dist drive in correctly, adds fresh oil, and new plugs, presuming it has consistent spark. Gene