Only runs 40 Degrees advanced

I do agree with you it is off and I will put a SFI damper on it if I rebuild this motor. It wasn’t turning very fast it was just been cranked by the starter but it was enough to bend a distributor shaft so could very well be more internal damage. I would like to figure out where but time is running out. Couple weeks till the Nats then I will yank it and something will go back in there
Just so you understand that there is a possibility that you may break the crank if you continue to run it with the balancer out of phase.