340 Chugging instead of Reving

The question is, where does the rotor point when the pole piece on the reluctor is lined up dead center with the pickup?

Might be difficult to see in this pic (attached), The rotor is between 8 and 1, I'd say closer to 1, which may be correct at 32btdc. If I rotate the engine to bring the reluctor dead on, the rotor is darn close to dead on and the timing mark is at TDC. So basically, as I advance the timing, both rotor and coil off shift the same amount. Since my rotor is not adjustable, I just tried moving the pickup. It's obvious that it doesn't move in all directions like points. There is virtually nothing to gain in trying to move the pickup.
Edit... I am adding a second pic, trying to show where the rotor is in relation to my TDC mark on the back of the intake below.

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