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Let’s start with the basics. How did you perform the compressions test?
Was the engine at operating temp?
Did you hold open the carb?

Have you checked for vacuum leaks?

What is the current base timing? What is the timing when the advance is connected?

What was the condition of the balancer? It may be failing and slipped causing your timing readings to be incorrect.

how is it running not that you adjusted the timing?
 
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