theres alot of good info here, but i'm currious who installed the cam?
was it installed straight up, advanced, or retarded, and were the crank and cam gear dots lined up
were the valves adjusted right
the boys are right about the #1 valves at rest when its at tdc
heres how i would go about it
first make your life easier, remove all the spark plugs so you can spin the motor over buy hand or rig up a push botton switch and hook one lead to the little termanal on the starter and the other to the + on the battery
first put the dis and mark #1 on the houseing
pull # 1 plug and crank over the engine till you feel pressure comeing out of the hole, and check the position of the balancer it will be getting close to the 0 on the tab line them up, also the valves should be at rest at this position
reset all the valves, back all the nuts off the rockers
with the engines #1 at tdc set the following valves
exaust 1 3 4 8
intake 1 2 5 7
spin the engine over 1 complete revolution this will bring #6 to tdc and set the following valves, put you finger in the #6 plug hole to be sure
exaust 2 5 6 7
intake 3 4 6 8
to get the proper lash rotate the pushrod with your finger while tightening the nut untill you feel drag, when you feel drag tighten the nut 1/2 a turn and your done, now i know some guys will say 3/4 or 1 turn but i always do 1/2
now spin the motor over 1 full revolution and you will be back at #1 tdc
now drop in the distributer and line the rotor up with the mark you put on the housing, don't worry about it seating into the oil pump,but make sure you have room to avance or retart the timeing, now just hold onto the distributer and bump the motor over slowly till it drops in
now bump the motor over till its at #1 tdc and see if the rotor and your mark line up, if they do your good if not try again
now hook everything back up and fire the motor and run it at 2000 rpm for 20 min, you can set your timeing pretty close for the 20 min if you have a timeing gun with a dile on it, set it some where between 30 and 38 where ever it runs smoothest, and keep an eye on your temp and oil gauges, i normally run a large household fan in front of the rad at this time to help move some air to keep it cool, i also run it with the rad cap off to avoid an air lock and over heating
even after you have broke the cam in i would still go back and set the valves
now set your inital timeing ( vacume advance disconected and vacume hose pluged), set the idle at 500-600 rpm set the timeing between 8-16 now this all depends, some engines like lots and some don't, but 8 -10 is a good place to start, now here is where alot of people would say your done, but not really.
here is where you really need a timeing gun with a dile on it, with the vac advance still disconected check the timeing while someone reves the motor up to see at what rpm all of the mechanical advance (weightds and springs under the rotor) is completely in meaning you are not gaining advance as you gain rpm, i generaly like to have it all in at 1700-2200, if you are not in that range you need to install lighter springs on the weights till you are
now you are ready to set the total timeing( vac advance hooked up), now since i see that you have spent some cash on the top end i would go and get an adjustable vac advance if yoiu don't already have one
hook the vac advance up and check your timeing again with someone reving up the motor and you checking the timeing untill you are no longer gaining advance, now here is where the adjustable advance comes in
your total might be at 60 and the motor might start to detonate not good
with an adjustable vac advance you stick in a tinny allen wrench into the vac advance vacume line inlet and turn it in on direction to increase it and the other to decrease it, i would set it at 38 to be safe to start
by now i hope the engine is running like it should so you can take it for a drive, if you don't hear any pinging aka detonation under load your ok and can still add a bit more vac advance untill you start to hear the pinging, when you hear the pinging back it off 2-4 degrees, just remember that the only reason the vac advance it there is for gas milege, cause when you mash the gas there is no vacume to pull in the vac advance
i hope i have helped you and others out and your truck is running tip top, this is just my method, and there are many out there, but it has worked for me