340 Chugging instead of Reving

In my process of elimination I chose to lock the distributor and in turn its reviewed a potential problem with the ignition. (Not to say I am ignoring a cam issue) but for the timing to be locked at 38* and see retard down to 24~27 range seems extrem. My understanding is 3* to 4* would be more common, so I'm going to have it checked out. I do not have access to a other box and this car will never be used on the street. However, I eventually plan on unlocking the distributor and set enough mechanical advance to cancel the the 3 to 4 deg that I might still see upon return of the box.

Meanwhile, I'll put a dial indicator on the each valve spring retainer and see if there is sign of a lift issue. This is a new build and I used a Oregon Cam with solid lifters. The lash was set to cam card specs and has been checked 3 times since break in and still holds the original lash settings. Although that would only indicate wear on the base line not the overall lift.

In the plan this week while the box it out, I'll have access to leakdown guages the check for other potential issues in each cylinder.