Smoking ballast resistor ain't a good sign...huh?

Maybe just to dbl chk your timing use a piston stop. If you dont have a stop, use a long piece of dowel or something that can go in the spark plug hole and rest on top of the piston without scratching anything. Turn engine over by hand to TDC, mark the balancer, turn engine by hand the other way, mark TDC again. Find the center of those 2 marks and that is 100% TDC. Your car fires probably somewhere 10-15* BEFORE TDC. Hope that helps
Agreed