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|Figured it out. The clip had closed itself down and was keeping the distributor from being able to push all the way in. I had to pry it open some more with a pair of pliers to get it over the distributor body. Managed to complete your instructions and now static timing is 12 degrees BTDC. Thanks for the help on that one.
Unfortunately, it still struggles and spits at low throttle. When I hammer it, the problem goes away. So, next step would be to check the balance on the carbs??