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Dave,
It may not be relevant, but injector voltage "only when cranking" puzzles me. Are you sure that external ground to 86/2 was secure? Because it should (and did) allow voltage to the pumps with just "Key On", which should also put voltage to the injectors as part of normal Fuel relay operation (in our "diagnostic" situation).
Also you say, "the basic cam-distributor timming...is right on the mark". Did you start with the Crank Pulley at 0° for #1 cylinder as I suggested? Because I think it is possible for the belt to strip or jump teeth at the Crank sprocket (where oiling is worse and belt contact minimal), and thus the Cam & Dist could be in sync with each other, but not with the piston — IF you just got the Cam 0° marks lined up, and then checked only the dist.
This may seem like I'm grasping at straws (and I'm close to that), but your response leaves me guessing.
Bruce
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Bruce Young '93 940-NA (current) — 240s (one V8) — 140s — 122s — since '63.
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