I removed the cap, rotated the distributor 180 degrees, where it fell into place. I placed the cap back on, hooked the fuel hose back up, gave it a crank. The engine would turn over a few times and then a puff of smoke from the carb. Video here:(0:14)
The battery seemed weak so I have it on charge now. Will try again once its fully charged.
I'm beginning to wonder if the original distributor position was correct and it is simply bad fuel: "Why is my carburetor spraying gas straight up? Chevy 350 edlebrock Carb?"
Will report back in a bit. Would really like to get this thing moving tonight.
Working on replacing the aluminum fuel filters while the battery charges. Maybe dump in some fresh gas too.