340 Chugging instead of Reving

AJ/FormS said
That picture is NOT TDC-overlap, the engine would NOT run at all if it was.....
Pull the plug and see where the piston is.
Since the valves on the next cylinder in the line appear to be closed and probably with the Piston at TDC, my guess is that your balancer is marked wrong. or you just erred.
In any case, find true TDC of *1 piston, prove the piston is at the top.

I just brought it to TDC again with my finger over the spark plug hole. Felt the compression and watched as both valves closed and rotor is in #1 position. From there, I rotated the crank 180* and the exhaust was opening, intake was closed, per the picture I posted earlier.