[John Rogers]

Hummmm, that is a strange one. Some things to check and I know they might sound silly but: are you checking the correct number 1 cylinder, front passenger side. Chevy's are the other side and back in my stock car days many, many years ago guys would get mixed up! Is the timing light(s) made to work with a MSD box? The one I had would not work with my 914-6 after I hopped up the ignition so I had to buy another light. It read fine after that. Another item, what is doing the dwell, points or breakerless in the distributor? I did not see you mention what is inside? Last of all does the distributor rotate counter clockwise as all Fords do? The cam and distributor might be the wrong ones?

I would end the anguish and go to a dyno shop and pay them that $$$$ for an hour or two as they will hook up everything and give you all the readings for all settings such as advance, dwell, exhaust temps and mixtures.

Good luck