340 Engine issues

The head chamber size sounds like Edelbrocks. That chamber size is 8-10 cc's smaller than stock so the static CR will be way up.

Robin, did the higher octane do anything to help? Or is the problem the same?
may well be multiple issues. I agree he may have borderline compression issues. Try a compression test, to see what kind of cranking compression we're talking about.
But I still think the rotor is pointing to the wrong dist cap terminal, especially under heavy advance situations.