Thanks for the tips. The crank pulley was indeed mounted backwards - I compared with a picture in the green book. So I took it off, flipped it over and reinstalled. It's getting closer, but still way off. I'd say the 10 deg BTDC mark on the pulley is at about 11 o'clock with the timing light, whereas the mark on the timing cover is, as you know, closer to 1 o'clock. I am waiting for an instrument to check dwell and in the mean time I'll just leave it like it is. I did notice a fraction of a second hesitation from the engine when i made quick accelerations, for whatever that's worth. My chalk mark on the pulley stayed almost constant when I increased the rpm, although I noticed it was a bit jerky on occasions.

Kåre
P.S. No, no lutefisk for me. My mom used to eat it and the smell was not all the great, although they say it tastes better than it smells.