Valves were consistently off by about .003 Rich said.
Distributor gear is in perfect shape. Some more gear material from the previous gear was on the magnetic plug and a little in the oil filter.
Oil was black and a little low (yes we are working on a DIPSTICK solution).
Timing was down to 30* which was a little worrisome. But Rich discovered we were still using a cheapy distributor hold down that was likely the culprit. Replaced with better MSD hold down.
Replaced old plugs (should have down before probably) with new NGK 7938's.
Old plugs showed a little detonation so timing was set to 36* and Rich threw some Lucas octane boost in the fuel cell so we will see how she runs tmrw at Marina.
EDIT: Rich, I guess we are pretty much on the same page!