I'm leaning towards incorrect cam timing.............not that it has "slipped," but rather was never correct. If you look up the cam specs, or estimate them if you don't know them, you can judge cam cam timing by putting an indicator on the no1 valves or even just watch them and obtain opening / closing events. Mark the balancer if needed.
Did this engine EVER run right?
What ARE the cam specs do you imagine?
What are you using for a timing light? Is it just a "straight" timing light, or is this a fancy "dial back" setup? These have screwed up sometimes
Just some rough general guidelines:
A dead stock low performance 273/318/360 should idle "ok" at anywhere from TDC to 15 BTC or maybe approaching 20 BTC. I AM NOT SAYING "run" it there, I am saying a healthy engine should idle OK
A hotter cam, equivalent to the factory 340 cams, should idle maybe anywhere from 8BTC to 20BTC or more
If you have a "real thumper" of a cam, then you would not want to try and idle it less than say, 15BTC, but it might run at 20.
In other words, "let's say" I have an unknown "startup" situation, an engine I have never encountered, and want to "fire it up". Maybe I have to install a distributor, because there isn't one, or because it's a greasy POS. I should be able to drop one in with the above "general ranges" and at least get the thing to run on it's own.
If it won't do that, I'd look elsewhere, cam timing, stuck valves, other engine interal problems, carb problems, vacuum leaks, etc, in no particular order