Hope you can stand another "compression test results" thread

My timing at idle is 30 degrees. At 2000 rpm it drops to around 28. I'm beginning to think that I may have an exhaust leak that is causing the O2 sensor to dump fuel into the throttle body since my AF/R between idle and 2000 rpm fluctuates between around 11.9 and 12.4 as shown by the Holley Sniper wizard display.
Why so much initial timing? Is the distributor locked out?