It is now probably 180 degrees (or so) off. Fire out the carb was exactly the symptom I got from the one I bought in that state. I ended up swapping plug wires 180 degrees to get it to run. Sounds like there is no guarantee you have it dead on 180 out though, could be just very nearly there. The compression test is a good indicator, but not a lock.
You can line things back up without taking off the cover though. Put the crank at 0 degrees on the timing marks on the cover and the disti pointing at #4, line up the mark on the cam (line on the shaft right behind the cam gear) with the line on the part on the head right behind it (its on part of the rocker assembly holders and is straight up and down anyway). If you take the rocker assembly off you can do all this without worrying about the valves hitting the pistons. Drop the cam down in the right position and hook the gear back to it.
The main problem with getting things right in the first place is that it relies on lining things up with #4 cylinder and not #1 like most people expect. The crank is in the same position either way, but the cam and the distributor gear are not.
There is a trick to dealing with the timing chain when doing the head gasket, take the gear off the cam and leave it with the block. Run some wire around the chain through the holes in the cam gear and it will stay in the right place. There isn't enough room for the bottom gear to slip, at least not that I've ever found.
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95 Isuzu Trooper Daily Driver
86 Isuzu Trooper reliable backup
77 LUV 2wd stock beltway blaster (resting)
79 4x4 LUV project: 2.6L, 5spd, 31s (eventually)
MEPR: Man, my 4x4 makes all other LUVs look good
