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

With that cylinder pressure and cam, that thing should pull hard to at least 5,500. What balancer are you using. Sounds like your timing is way off from the gitgo. If it's a stocker it may have slipped enough that your getting bogus readings all the way around.

Have you taken a piston stop and verified top dead center on the balancer?
I replaced it whe I rebuilt the engine, I also verified TDC when it was done.
TDC is still correct.