Were it me, first thing I'd do is replace distributor with a spare. Not so easy though, if you don't happen to have a spare kicking around.
I will be curious to hear what you find when you check movement of valves. If Eric is right, well... picture your compression test. Intake opens, piston goes down sucking in air. Then compresses it on it's up stroke. Both valves closed, so compression test is unaffected.
Speed things up to running speed, and picture exhaust gasses being unable to escape because the business end of a cam lobe isn't there. Yep, that would wreak some havoc for sure. I have a feeling that Eric is onto something. And it's sure easy to check.
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-Matt I ♥ my ♂
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