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Its not dead, but I'm not sure whats wrong. Cranked it up, put it in reverse, backed up about 2 feet and it killed, now it wont start. Carb is spraying gas, ignition is working....what else could be wrong besides it jumping timing?
Sounds like it might be a no spark situation - I've had rotors on HEI's get a pin hole in them and give the same indication.
You gotta have air/fuel (correct ratio) and spark (at correct time) - if you've checked the spark and its good, you should be able to tell if the carb is dry or way over rich after a bit of cranking - then it might be the timing - as simple as the distributor hold down loose or like you mentioned timing chain problem.