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IT runs!!! A couple of things were wrong. I didn't have the distributor firmly seated and along the way I reversed the 3 and 4 plug wires... After the huge cloud of smoke it seemed to sound pretty good. There is however,possibly, a problem a brewing. On the driver's side there is a steady drip of oil coming from the valve cover onto the heat exchanger. I haven't investigated this yet but I will shortly.
I rechecked the valve adjustment and all appeared to be O.K..
I did a cold compression check and they were all over the place..#1=110 #2=90 #3=70 #4=65
Later today, I will check them when it is warmed up to get a more accurate reading.
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