Ignition help - no spark

I finally got my Duster started after 14 years sitting. Now... about that knocking noise. When I rev above idle there is a kind of knocking noise. Could this be from timing off (had dist out and eyeballed it back in (no timing light), or is the engine about to go? Thermostat area was completely clogged with powdery substance (outside of engine) so water was stuck in motor.