SOLVED!....sort of. Where's there's spark.. there's no fire!

You should get a timing light and check the timing.
Check timing using the bottom point if upper cannot be seen. This should help on diagnosis
Before replacing the distributor, remove cap assembly, then rotor and check to see if the mechanical advance is operating freely.
Make sure the pickup is plug-in good. Make sure it is tight.
Replacing the distributor would need to have timing done as well. Timing by ear doesn't always work.
Do a compression check.
I would not jump out for a timing chain until further testing.