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I had the same problem with a 455 olds motor a while back, the machine shop that balanced the engine took the harmonic balancer apart and put a new rubber seal in it and didn't put it back in the correct spot, so that screwed up all the timing marks on the balancer. You could try another balancer or find top dead center for # 1 as the piston comes up on the compression stroke and see if the marks are lined up or if you need another balancer.
Perry.
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