Yes,checking the ignition and valve timimg would be wise,if either are off,it could well be your problem..
I had a friends truck he bought "needing a motor" that barely ran,it backfired and spit back thru the carb,and had no power--he wanted to just rip out the engine and put another 350 he had sitting in his garage in it,but I talked him into looking over the original engine first...we found someone had put the distributor in "wrong" and had just turned the housing to get it timed close enough to run...when we turned the engine by hand so #1 was at TDC,the rotor was not pointing at the #1 plug wire in the cap,it was about halfway between #1 and #8!...pulling the distributor out and re-setting it with the drive gear in the right spot and timing it with a light made it run like new again...
Most small blocks wont jump time until the chain is so loose it will actually rub against the timing cover and eventually wear a hole in it...but just having enough slack in one can make the engine run poorly too..having the valve timing off just a few degrees can make it run lousy...