New Build Startup Issue

Tried to start up my 340/420 today and it won't fire.

Cranks great (it spun freely for 3-4 seconds only), has fuel no start.
I moved the distributor CCW about 1/4" or so, then when I turned the key, the engine tried to turn over, then stopped with in 1-2 seconds. Battery is fully charged and on ACC, voltage gauge showed mid 12 volts.
Air cleaner is off and no backfire during either startup try.
I then put a wrench on the balancer bolt, and it did turn.

I am guessing that my ignition is too far advanced (CCW). But I need to limit the cranking time, so I wanted to check in with you guys to see what you think. I could not see my ignition box light since I am a one man show this afternoon.

Thanks!