340 - This thing should run better

Is this "timing tape" available at any auto parts store?
Mr. Gasket sells them for under $5. Summit/Jegs have them.

Also, thinking about changing to an electronic distributor, maybe the Summit brand that has everything under the cap. I'm pretty sure the vac advance is not working on my points distributor because all I can hear is air when i suck on the hose....and i have not been able to find a vac canister that will fit. Pertronix was an option, but if I can't get the vac advance right then it won't do any good. So for a few extra bucks I thought I would get the summit distributor....good or bad idea?
In my opinion - buy the MSD ready-to-run with it all under the cap. If that's too much the simple MP conversion kit or distributor is my 2nd choice. I worry about quality control over time with the Chinese copy stuff. Regardless- you need a functioning vacuum advance (in my opinion) and adjutability in the centrifugal is always nice to have. The MSD has adjustable switches for those plus multi-spark.

Leadfoot - the piston sat just about even with the deck at TDC.
"Just about" is not even and as little as .020 can make a big difference in static compression. However - IMO - it's irelevant atthis point. You can work with what you got provided you have the right support stuff and know how to tune it.

Moper - I did not degree the cam, as i was told it does not really benefit a smallblock (bad advise I suppose). I have a friend that can help me get cylinder pressure readings. Will this help determine compression ratio?
It won;t tell you any compression ratio. It will tell you how much pressure the cylinder is developing - which can be a help in figuring out if the cam is in right or needs to be looked at. Just out of curiosity - what engine does benefit from degreeing if a small block doesn't need it? The answer is every engine (including my Neon DOHC) benefits from degreeing if only to give you peace of mind that it's in where it's supposed to be.