I guess one thing we havnt touched on here is what is your fuel pressure at the rail during idle?

 

definitely sounds like your timing is wrong. cam or distributor... but one of them is jacked up.

 

i have seen this before, timing is def retarded, the bolt on timing tabs are not that accurate, and sometimes the outer ring will slip on balancers that have been in service for a long time. fint TDC of number 1 cyl, and then compare it to the timing mark, if they are off then i would replace the balancer and or timing tab