Timing
Agreed, that timing must be checked with a strobe after getting a rough setting with the pick-up marks, but if the marks are miles away then you, more than likely, have a problem and strobing is going to be a waste of time.
What flywheel is it? And how was it set up? I take it you have the head off and the dial gauge attached by the bracket?
Looking at the keyway in the boss (from the fin side) is it clockwise or anticlockwise of the nearset rivet?
Well according to Sticky's it's the right boss.
How have you mounted the dial gauge? And excactly how far away from each other are the pick-up/flywheel marks?