Well, it's my turn to ask for suggestions..

318willrun said

Next is the timing chain. What are the suspicions of a faulty chain????? I put a Mellings double roller in it that offers the advance/retard timing of 4* or straight up. I used the straight up.

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I'd time the cam next unless you want to check the exhaust. Do you have access to a dial indicator? Follow standard procedures. If no dial indicator, use a dial caliper and check the intake and exhaust valve retainer heights at overlap on #1, and find where they are exactly equal while turning in the CW direction. See if the crank timing mark is very near to the TDC mark. If off by around 15 degrees or more, you are off a tooth.

BTW, new valve springs or stock ones or what?

BTW, A/J refers to glasspacks; is that what you have? They are somewhat notorious for losing the pack if the innards rust out, and the packing often moves into the tailpipe and blocks it up. If they are near the tips, shove a broom handle up each pipe to see it moves freely through the glasspack. Otherwise, use a sewer rooter. (Don't try this with standard mufflers.... obviously)