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Almost there.
I know of two reasons a K-jet car will run while cranking but die when you let up on the key. #1 - the ballast resistor circuit is faulty, #2 - the cold start injector is the only thing sending fuel to the motor.
If #1, the motor will fire and actually run, as long as you have the key in crank position. If #2, the motor will fire and run about 2 seconds the first time you try it, then successively afterward it will only crank and not fire.
The one thing I get out of Phil's post is double-check the ignition timing. You've got the belt on right now, I suppose, so just set the mark on the crank pulley to 0 TDC, take the distributor cap off, and check where the rotor is pointing in relation to the mark on the distributor case. Easy to goof up. I just did it yesterday, and not for the first time.
PS, I think you may have missed my "Verify cam and ignition timing" post Saturday morning, way up top.
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Art Benstein near Baltimore
English breakfast tea - enjoy this, used it up.
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