I reread your OP, you have compression. with your tester all plugs are firing. you have confirmed you are on #1 compression. I'll assume fresh gas in the carb. All that is left is something is missing in the dist setup/timing assuming no vac leak. Each set of points connected to the coil neg pri is correct. the EDIT info I posted prior came from the Jacobs ign bible, you might see where you are at with that. & I would time it at 15.

OK, got her running, something weird is up, had to rotate the distributor almost 25 degrees. Not even close to the timing marks, but runs smooth as hell.

Thanks everyone for you help!!

Jim

Sounds like the intermediate shaft isn't lined up where it should be, most likely off a tooth. With the engine at TDC (#1 Cylinder) the slot on the intermediate shaft should be pointing vertical (up & down).

If I read Jim's post correctly sounds like the timing marks are off.

timing tab is on pass side & timing light is showing way CCW past the tab? How far would you guestimate? ported or manifold? what idle speed?

Glad to hear it's running. Hope you didn't wipe your cam.

If your timing marks are that far off, you could have a slipped timing chain, or the harmonic balance has slipped on the hub, or you have the wrong timing chain cover markings.

I would want to determine the true top dead center and see what is off. Gene

Find your true top dead center first and then check it against you balancer and cover markings.

These are cheap -

Check the other suggested possibilities first, but is it possible that the harmonic damper is bad?