The regulator doesnt have any indication of psi, nor do I know the actual psi yet. http://www.summitracing.com/parts/SUM-PUMPKIT7A/ is the fuel kit I installed.

Atm I'm at the point where I'm turning the engine while holding a rubber glove over the #1. The timing mark seems to be fairly accurate. The mark crosses the tab just before the glove starts to get sucked in. Gonna do yur way with a piece if bailing wire right now.

 

If you're going to be checking for TDC of the piston, don't be surprised if what you come up with doesn't fall on the line of the dampener.
A good majority of dampener setups have the notch 8 or 10 degrees off TDC (not lining up with the keyway slot).

 

Ok, the mark was so close there was no point in marking a new one. I managed to make it run at a decent idle at 8 degrees before(without dist hose lugged in.) NO BACKFIRES!! Didn't even try to rev it tho. Gotta read up on what advance it should be at. It got hot again, so I'm gonna troubleshoot that. The heater core hoses are very hot to the touch, yet the top and bottom radiator hoses are cold to the touch. Plus my radiator cap/temperature gauge says room temperature. That can't be good....... I'm gonna guess the thermostat is stuck closed and the boiling water is what blew my heater core out. Just guessing...

*Edit*
Ok according to this link: http://www.gmhorsepower.com/Ram-Jet-350.php
I should set it at 10 degrees BTDC. Could someone verify? I', just not sure if the difference between carb n injection matters.

 

With a non-factory engine, the advertised timing setting is just a starting point. Keep advancing the timing a couple degrees at a time and take it for a drive. Listen until you get the "marbles in the cylinder" while driving under a load (too much advance causing octane ping). Then retard the timing back just a touch to get rid of the pinging, and you're good to go.
What vacuum source is the distributor advance hooked up to?
And, a stuck closed thermostat is what it sounds like to me too.

 

Ok yes it was the thermostat. I threw it in boiling water on the stove and it stayed closed. The ol lady is picking u a new one on the way home. I also found a very small oil puddle under the car today. It must only leak as the engine runs, cuz it didn't leak a drop the entire year it was parked on the concrete. First time I have had a car leak such clean oil. I just hope its from the cheap dipstick tube. It doesn't stay in the block when I pull the dipstick.
As soon as I get the thermostat and gasket, I'll try to drive the car up on ramps to look for the source.

I now have a new question. The battery won't stay charged and this is a new battery. I noticed the alternator is always warm. Last year I replaced the alternator and the external regulator. Also when I hook up the battery with key off, it does a tiny spark. Is that normal?

 

unplug the alternator and if the battery does not lose power after setting a good while its the regulator or the alternator or a wiring issue. i think the horn relay (if it has one) may drain the battery as well.