The issue of not reving over 2k is strange, what kind of ignition are you running ? is this efi or carb

Very strange. Carb and TB V. I did set it in base timing mode.
edit: maybe flooding the cylinders then hydro locking? On the other hand, it was running too well for that.

Is the TB 5 the one you have to set kind of like EFI ?? what are you seeing total advance,

There's two different ones. One where you unplug and use a jumper and one like mine where you ground a purple w/white wire.

Base timing mode
TB5 - ground purple/white wire
EST - 12V to lead and jumper other 2 wires together on right side connector of distributor

My oldest son and I pulled the engine last night. So far it looks like a #8 piston failure and contact with the intake valve. No obvious signs of other damage so I'm hopeful. All the other cylinders appear perfect using a bore scope.
I'm pulling the head and piston this morning for the autopsy and should know more then.
Now, why....?

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Fargin non-adjustable rockers bit me. Had plenty of PTD clearance, but didn't check valve clearance because it was all stock parts. Live n learn... Never again will I use the non-adjustable set up.

Edit: I checked my notes and I did check PTV clearance. Should have been plenty. wtf?

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Valve seized in head and took piston out. Lack of oil as indicated by the loud lifters. You're clearance was good till it seized. Probably started galling when the plugs were left out.

Plenty of oil. Cam phasing problem. All the intake valves were kissing the pistons. At the machine shop right now.

Phasing? What was it set at? That should have been felt while turning over by hand if it was hitting all the intake valves. Glad you found the problem. Hope you can salvage the rest of the season.