Weird Timing issue on my 318 V8 5.2L

Hey Swampmike - I never took off the harmonic balancer or messed with it in any way - I did not rebuild this engine - it has had head work but not by me ........... I can kill the engine just by turning the distributor in either direction far enough - I simply kept it in the "middle" of those two adjustments and "listened" to how the engine ran - once it smooths out I stopped turning the distributor and tighten it up.
I would invest in a vacuum gauge and set your initial timing to achieve the highest vacuum. It may sound good in the driveway, but when you stomp on it, it may ping due to your mechanical/vacuum advance. You'll save gas and increase your performance if done properly and it will chew up your whole weekend in the process getting it "just right."