Thanks for the responses. Here are some clarifications:
0. I live 600 miles away from the truck, am trying to get it to run so my wife can have something to haul dirt.
1. The engine starts and runs just fine, except for the consistent miss on the one cylinder. I am bringing a timing light with me on my next visit to make sure the timing is closer than in the ballpark, but i'm sure it's within 10 degrees of where it's supposed to be.
2. The engine is very low compression with a stock cam and there's no way a valve hit a piston.
3. The engine was disassembled in a hurry. I was trying to change head gaskets and clutch on a long weekend. I ended up taking the engine out due to some problems with the bellhousing. Also, the engine had to be turned over a few times to get bolts accessible. I know how to put a distributor into an engine that has been completely apart.
I will try to be honest and tell you what the problem really is when I find it. In the mean time, keep those ideas coming!
R