340 Chugging instead of Reving

In my opinion;
here is the quickest and best way to do this.
With the distributor working normally;
1) Set you balancer to TDC-#1-Compression.
2) Then back the balancer up to the advanced position of; 1/2 of your centrifical timing Plus your Idle-timing.,
3) Then, with a Sharpie, and on the side of the cap make an index mark to indicate the center of the #1tower. Transfer that mark to the outside of the Distributor body, then remove the cap.
4) loosen the distributor clamp, AND with the ignition in run, AND the coil wire near-grounded, rotate the magnetic trigger past the nearest reluctor vane, in the normal direction of rotation, until you see the spark from the coil wire. If you have to back up a bit first, just do it. Repeat several times to ensure consistency.
5) when you find the exact point that triggers the coil, lock the D down.
6) now; compare where the leading edge of the rotor tip is, to the mark you previously made. It should be,
as TT5.9 says " the rotor better be damn close to the number one terminal on the cap".

<Now, if it it is not, something has to be re-aligned.
You have three choices;
1) If your rotor-tip is adjustable, just move it to where it needs to be.
2) almost as easy is; to remove the cap, rotate it a couple of towers, set it down with tower in the right spot. Then go find the metal tab that indexes the cap to the distributor, and mark the cap as to where it is, then cut a new notch in the cap, to fit the tab.
3) I suppose you could move the reluctor to where it needs to be, but if you miss, you gotta start over.>

7) Finally, install the #1 wire in the tower that is above the rotor tip, and follow that by the rest, in the proper firing order.
8) done.