Only runs 40 Degrees advanced

I have not seen anywhere in this thread where you've VERIFIED TDC WITH A PISTON STOP. That is the ONLY way to 100% verify TDC. Simple to do, quick to do, little to no cost......and I've not seen it done which would have been my FIRST move. ESPECIALLY after the engine "backfired, ran backwards and never ran again".......your words.

I've seen that happen before, three times. ALL THREE TIMES the timing chain jumped. One was with a Cloyes Billet double roller. "If you don't think" it can happen, you gotta 'nuther thing coming. "All bets are off" unless you 100% VERIFY tdc with a piston stop.
I did not use a piston stop but I did pull the intake and number one head and watch the piston it lined up with the mark on the timing cover and I did check the chain because I thought it jumped but when I pulled it apart it was still dot to dot just like I put it in four years ago. It is a Cloyes chain Seemed loose when I put it in. So I put on a chain tensioner when I put it back together. Maybe it was Line bored when I rebuild it way back I don’t remember. Another guy was telling a way to see if the cams lined up by the valves I’m thinking about taking the valve cover off and looking at it that way before I take the motor apart again