340 Help. Am I looking in the right spot to fix the issue

You can check cam timing with the balancer to see if it's close. Fire the motor to get the lifter pumped up, pull the valve cover and hand rotate until #1 intake pushrod just starts to open. You should be near 31* BTDC on the harmonic balancer.
If cam timing is is in the ballpark I would be looking at the ignition. I gave up on orange boxes and run old analog msd 6ALs on both of my cars with a ford style e core coil.
190 to 200 cranking compression is good, and looks like you have a handle on the carb. You could hook a fuel pressure gauge and tape it to the windshield to see if fuel pressure drops when your foot is into it.