[blykins]

If you put the distributor with the rotor pointing at #1 TDC with the balancer on 0, then it will be retarded.

Here's how you get it to fire the first few cranks.

Pull the pass side valve cover off. Turn the engine over by hand or bump it with a remote switch until you see the #1 intake valve open, then starts to close. Pay attention to the balancer as you should be coming up towards 0°. When the timing pointer is pointing at around 25-30° BTDC (that is before TDC compression stroke of #1 cylinder), then you point your rotor at the #1 spark plug wire on the distributor cap.

Put the valve cover back on, make sure the fuel bowls are full, then hit the key.

Firing order for an FE is 15426378, counterclockwise, with #1 cylinder being front cylinder on the passenger side.

Fuel pressure should be 5-6 psi.

The carb should be close from my carb builder, but if you want to readjust, do this:

Screw all 4 idle mixture screws all the way in (don't tighten them real tight, just barely let them bottom out), then run all 4 1-1/8 turns out. When it lights off, you can feather the gas until it warms up, then you can see where it idles at. You may have to adjust the idle speed slightly.

Have a timing light handy so that when it gets to a point where it will run by itself, you can set the timing. I would set initial timing somewhere around 16-18°. Total timing should be around 36-38°.

The MSD distributors come with the wrong springs in them out of the box. If you don't swap them, most likely your total timing won't come in until about 3800-4000. On a Cobra, I like the total to be at around 2400-2600 rpm.