confused - or just a stupid question

This is really starting to bug me. I have had my Duster back for nearly a month and the rebuilt 318 now has a little over 500 miles. I changed the oil last week. So tonight me and my buddy were out doing some cruising and we decided to do a couple burnouts. He has an old Mercury Comet 302. My 318 has been rebuilt with 340 cam, ported heads, edelbrock intake and 4-barrel, pistons, 340 valve springs, etc... I tried to do a burnout, and I wasn't getting any spinning what-so-ever. How can this be?!? Before the engine was pulled out, I had no trouble squelling the tires. And that was when the engine was basically stock except for duel exhaust. I had the brake in all the way, and the gas nearly floored. Nothing happened, just sounded really good lol. Could the timing have anything to do with it. Right now it is about 15 or so degrees advance. I know it should be around 34 total at 3,000rpm. I may do that this week since I now have timing tape. When driving the car it feels more powerful than before. But I can't burnout. It looks pretty bad infront of my buddy with his Ford, and he can burnout no problem. Am I doing something wrong? Would it help if the torqueflight was in "1st" instead of "drive". This probably sounds really bad, but I figured someone here would have a solution. Thanks