Update:
I managed to adjust the timing. I found that there is a range of about 1/2 inch of rotation that the engine will run in. Outside that range on one side it pukes out the carb, the other it makes like a cannon from the tailpipe. I found the one spot seemingly, where it runs and I can push the gas in third without the POOF. Only issue now is I am losing throttle response from a stop. You push the gas and have to wait for the engine to catch up.
No timing light?
Sounds like it's retarded by what you said.
