340 Chugging instead of Reving

Ok try this, with the distributor advance locked at 32, MAKE the pole on the reluctor line up with the pickup dead nuts on center AND the rotor line up dead nuts on center on the number one terminal in the cap. You might have to remove the distributor to do this. Do NOT line them up at TDC put your balancer at 32 degrees btdc
TT5. Not sure if I answered your question correctly. With the timing mark at 32* and the distributor locked, the pictures show that both rotor and pickup are not lined up perfectly with their mating contacts. When I turn the distributor I can aline them both to the coil and #1 button on the cap.