318 has been sitting for 2 years

Glad to here it's off and running. Good on ya. I throw in the following paragraphs to address your question in post # 17 in case you (or someone else) run in to something like this again.

To statically time it, set the timing where it's supposed to be according to the correct timing mark with the #1 cyl. In other words, when you roll the crank around to #1 at TDC, stop the crank at the correct timing according to the timing mark (4*BTDC or whatever is proper) and not all the way to TDC. Hook up either an old needle-type multimeter or just a 12V test lamp to the coil and to ground. The proper coil terminal is the one coming from the distributor. With the distributor clamp loose and the ignition on, rotate the distributor until the light comes off (or comes on). If you're using the multimeter, the on-off indication is when the needle flips from one side to the other. The goal here is to clamp down the distributor exactly where the engine is supposed to initiate spark to the distributor, to fire.

The caveats: This method to get the timing close is great for 4-cyl. engines. With V-8's there is a lot less margin of rotational movement of the distributor (90 degrees vs. only 45 degrees). The second caveat is I can confirm this method works with points, but I don't know about electronic ignition systems. Third, this also assumes the wires are properly set in the firing order. And if you're having trouble figuring out if you're 180 degrees off, take the valve cover off and check to see if the intake and exhaust valves are both closed (all the way up and the rockers floppy). If the exhaust valve is depressed, you're 180 degrees off.

OK guys, did I get it right?