Timing showing way off tab...wits end

[trac209]

Ok so here is my issue,I recently rebuilt my engine. Bored,rings,bearings new cam,heads etc. Other than that everything from old engine is being used. Issue is when a timing light is connected (vac advance disconnected). The timing mark shows at 12 o clock position way off tab with timing light. Also tried another light same results. I have verified tdc using a stop and by compression and the balancer mark is right on zero on tab. The engine will not run when I retard timing to get near the tab. Engine starts well and doesn’t kick back or ping and revs up nicely. Doesn’t ping under load in gear either. I can’t for the life of me figure out why this is happening, I have even locked the weights in the distributor and it ran bad under load so engine doesn’t seem to be running at an actual 38-40 degrees initial timing. Any insight would be greatly appreciated.