MVRCorp has some good tips. Here's how I would proceed...
1. Jump the starter relay and see if it cranks more than before without stopping. We had a similiar problem after Easter and it turned out that the "new" battery was junk. Replaced it with a DieHard Gold and we have no problems cranking/starting. I have learned that Autolite and Delco batteries are junk and only trust DieHard Gold now. See previous postings for reference from Easter.
This puts just starter and battery in loop If it still hangs take in both and have them tested. This coincides with his #1 reply.
If this passes proceed-
2. Follow his #2 above for hydraulic lock with all plugs pulled and crank engine. Remove distributor cap and put finger over #1 spark plug hole while cranking "after spinning to remove any residual fluid in cylinder" and watch rotor pisition as engine cranks. When you feel pressure building against finger stop engine and see where rotor is pointing. This is your #1 compression stroke and the rotor should be pointing at #1 plug wire position on distributor cap. This will eliminate/verify 180° off distributor.
If this is off -
Verify #1 TDC with MP stop or roughly by sticking screw driver in hole and turning engine over with 1 1/4 socket and ratchet until piston and screw driver begin to go down (carefully as not to cause damage).
***Note rotor position and vibration damper TDC marks***
Make this your new #1 wire position on distributor cap and then rewire distributor in direction of rotation with firing order 1-8-4-3-6-5-7-2. This can correct if distributor/oil pump gear was removed and installed in different position than "stock". Easier than removing and repositioning gear (which may require removing intake manifold to correct). Just make this #1 TDC on your distributor cap and reposition wires on cap (after verifying correct compression stroke as above). Mark cap for new #1 wire position for future reference. I also like to highlight marks on timing cover and balancer with white touch up paint or white out to make easier to see with timing light.
This goes along with #2 and #3 above.
Set crank at #1 TDC and line up dist cap #1 wire position with rotor as best as you can by eye to get started. I recommend tightening dist clamp screw enough so you can have some resistance to rotate dist by hand to set timing with light once started (this helps keep it from moving if dist is too loose and rotating by itself when starting.
Then try to start or verify spark as below.
3. Verify spark.
Disconnect coil wire from cap and crank over engine with ignition key in run or start position. Hold end of wire 1/8 inch from ground (metal on engine) and watch for spark to jump. this proves spark is coming out of coil.
Next verify spark at plug. Use spare plug or one that is not installed yet from steps above. Put plug in wire and hold to engine ground such as intake manifold or intake bolt and verify plug is sparking (I keep an old plug in glove box for emergency verification to save time to remove one).
**Once you verify spark is getting to plugs make sure you are getting gas**
4. Verify gas. Cycle carb linkage with ignition and look for gas to come out of squirters in carburetor.
Don't worry about flooding engine. If engine gets flooded just get in car and put accel petal to floor and hold it there while cranking. The extra gas will be pushed out of cylinders into exhaust in 10-20 seconds of cranking and no new gas will go in as long as you keep petal to floor and engine will start when the excess gas is evacuated - you do not have to wait 15-20 minutes for it to evaporate as the old myth goes.
5. Once you verify good starter and battery, if you have gas and spark and timing is this close the engine should start with some cranking.
***Start engine and set timing***
6. If no start or engine runs rough, how sure of you that you lined up timing marks on cam and crank when installing new chain. If you did not line up correctly remove timing chain cover and verify. The cam mark should be at 6 o'clock and crank mark at 12 o'clock. Use metal ruler or piece of string from center of cam bolt and crank bolt and make sure they are properly lined up. Get as good of "birds eye view" from as dead on front view as you can get. I like to look from front of grill if radiator is removed for best shot. This is where "measure once and cut twice" is recommended. Make sure marks are properly lined up as in chain or service manual instructions and you are not a tooth off. I would do this after all of the above is verified as this requires taking everything apart again.
Good Luck
Let us know if this works or you need more help. Keep us posted.
Remember the basic rule of combustion:
If you are getting spark and gas - it should start. You need three things for combustion: spark, gas, air.