360 engine vibration

Yes on the 2 options you outline.

I would expect to see some evidence of balancing on a neutral balanced TC. But if it was one of the few that came out of assembly and just happened to be perfect, then it could not have any marks. I'm just making the observation.... and yes it could be elsewhere. The TC is not hard to pull and re-install... just messy..... You have a lot of unknowns to deal with so I'd not rule out anything.

As for the compression numbers, it sounds like you have tested it well. I just would not expect 150 psi from stock '78 360 pistons, especially if this has any moderately sized cam in it.

Speaking of which, do you have any idea of the cam in this thing?

I agree rule nothing out. Although I can say its not ignition as everything has been changed or substituted at some point.
As for engine spec or vehicle history I have no idea. If you scan my other thread on the car itself, you will see its had lots spent but the previous owner clearly had no idea about assembling it correctly.
71 Dodge Dart Swinger in England
From my notes I was getting 155 to 160 PSI across cylinders.

The only history I have is that the previous owner traded it into a ford dealership and the the dealership sent it to auction the chap i bought it from traded in import cars and he bought it from the auction for himself. He had it sat in his garage for 12 months and then sold it to me as he had lost interest in it. I suspect one or both of these sold it for the vibration reason, as they couldn't bottom out the problem. I mean who traders a classic Dodge Dart into a modern dealership unless you want to get rid of it! However I'm a bit of a fault finder by nature , I never overlook the smallest or simplest issue or poo poo any advice (hence the questions here). Once I saved the opening of a $40 m rail depot for about 10 cents of parts , when the experts said we need to spend $$$$ on new door control equipment , I found a 2 pin dip plug missing on a PCB. Anyhow I digress! off to the garage and will report back soon. Thanks for tips and comments so far, Im sure a few like minded heads and engineering know how will get this sorted soon.