Crate engine cam timing off?

I am working on a friends 68 Barracuda with a Jegs 408 magum with a 274/474 cam. It sounds pretty salty but is an under performer. It been to a couple of shops and they haven't figured it out. Aside from it having a loud rattle in the heads, to get it to run decent the timing shows 45 degrees initial! This is with my old Snap On dial light. Stock type electronic ignition conversion with the single ballast. Is 45 degrees an indication of it being a tooth off? Rattle may be pistons chasing valves closed?