[olddog]

My first thought was the valves were too tight, but the compression looks good. Maybe a leak down would be a better test than compression.

Put a vacuum gauge on it. I'm guessing if the cam timing is off, the vacuum will be very low.

Spark plug wires (firing order) can be off. Certain plugs can be swapped and not cause a back fire. With a high durration cam you may not notice a couple dead cylinders, by sound. That sure does kill the power. I suppose a few bad plugs or wires would do the same. Have you pulled the plugs and looked to see if any are wet?