No start, fresh rebuild, help anyone?

All right this is my first full build. Tore the car down, bought a used engine, tore it down, took pieces to machine shop and put it together myself using manuals, etc. It is a 73 340 in a 74 duster using the stock ignition. I can crank away, and no start. I put a new distributor in, still no luck. I am getting fuel to the rebuild thermoquad. It sprays through the jets and I can see a build up of fuel inside the intake. The spark plugs don't seem to get wet though.

I was able to get a little cough out of it and once had a fireball out the carb. So I am assuming timing is off. I set TDC, placed the distr in with some help from a friend and still no start. I am thinking of doing a compression test this weekend. Will that show me if my timing chain is off a tooth or two?

Another odd thing is my distribuitor seems to "knock" a bit when I crank the starter. It even moves a little. It is fully engaged, but something seems off. I don't think the distributor should move. It is brand new so that should not be bent. The old one did the same...

Any other ideas to look at? I am going to have a friend of mine come over again to help, but I am thinking I need to tear into the timing chain...