the timing lights aren't the problem. Not to hijack, but the hub of the balancer has the external ring mounted to it with a glued/ pressed on rubber ring. Those rings let the outside slip, I've seen brand new dampeners 3-5 degrees off.
Welcome Visitor! Please take a few seconds and Register
for our forum. Even if you don't want to post, you can still 'Like' and react to posts.
Very possible, likely running lean. Check and see if the carb is squirting gas when you open the throttle.
People have used timing lights for years to get timing where it needs to be. Nothing wrong with it.
Backfireing through the carb? Probely the other not getting enough fuel when the other 2 barrels open...im assuming its a quadrajunk carb?
If it were me id throw the quadrajunk away and get an edelbrock.
later,
dustin