I've got the timing lining up now. I should never have went down the rabbit hole of moving the distributor around. You can do that digitally by altering the reference angle on the handheld.

• Lock distributor in place per directions using the clear molded cap
• Start engine
• Use a feature called static timing and set to 15 degrees
• Hit balancer with a light, came back 49 degrees
• Take the difference, 32 degrees and add it to the initial value of the reference angle of 57.5 for a total of 89.5
• check timing at cruise RPM on the balancer against what the handheld says

I had already set my timing numbers on the handheld of 24 initial, 34 WOT, 42 cruise. Once I brought the RPM up the handheld read 42 and so did the balancer.

The installation instructions stop abruptly at step four assuming its all kosher without telling you what to do in the event those initial numbers don't line up. Wasted so much time today...

It runs now, but the ignition still seems choppy with a light miss. Something else to chase down....