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RMB,
The comments about adjustable cam timing are correct. The timing gears can be for pre and post smog motors and they are indexed differently. Your balancer however has only one keyway on it and should not be misaligned with the timing mark when the piston is at top dead center. If it is, replace it as suggested. If it comes apart at speed it ain't gonna be pretty. It's as simple as pulling the plugs and turning it over slowly with a large ratchet and use something down the plug hole to indicate when it is topped out.
When done right it should be able to idle at about 1000 RPM in nuetral or Park and drop to about 800 or 850 when in gear.
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