Thanks Dave, I will try it in the morning and post results.

To check cam timing, pull the valve cover off #1 bank. Remove the dist cap but mark #! wire location with a piece of tape on the int manifold. Remove #1 spk plug. Crank engine over by hand holding a finger over the #1 hole to determine compression stroke. Watch the rockers very carefully to assure both valves are closed when you reach TDC. When you reach TDC, both valves should be closed and the distributor rotor should be point to #1 as marked with tape. If one of the valves are opening @ TDC, your cam timing is off. If your rotor does not point to the #1 terminal as marked, the dist is off.
One thing that you may also want to check is to pull the dist. Check the gear and make sure it is not wore out and the roll pin that holds the gear in place is not sheared.
If your dist is off a tooth or 2, take a look where the hold down clamp contacts the distributor. There will be some sort of indication of its original position and if its not, your dist is off a tooth. I would check this 1st.

I hope this helps. Good luck!

Would you please check you spark plug wires again. I did the same thing on a V6 several years ago. I spent 8 hours looking for the problem. I never thought it would be plug wires because I do not make mistakes It would idle fine but then would shoot a flame out of the carb that would singe your hair. My 25 years of experience I would be looking at ignition. You say it runs and idles? If your cam timing is off you would have poor performance. It would not back fire through the carb or exhaust. If it runs your timing has to be close. Again if that is off it will not cause a back fire. Back fire thorugh the carb, an intake valve must be open, when the spark occurs Right? Another issue that has not been addressed. Is the cam stock? You did not replace it with a large cam?i

One more thing for you to look at. When you put the plug wires on did you put them in the correct order. By that I mean in the direction the distributer is turning. I have put plug wires on in the correct firing order but the distributer was turning the oppisite direction.

No luck yet. I tried and checked what was suggested.
I checked cam timing according to what CIG1988 posted and it appears correct. I also pulled out the distributor and checked the gear and then reinserted it. Checked it's position again and it looks right. It is a thunderbolt IV ignition. I also tried loosening the rocker arms and running it. Still no change. Idles, but will not rev past 1500rpm!
I pulled out all the plugs and they look dry, but they are black.
This has got to be igition at this point since everything mechanical seems to be correct. Does anybody have think that iit could be the module or the sensor? Is there a test?

What type of mounting hardware holds down your rocker arms? Are they shoulder bolts or studs and nuts? If they are shoulder bolts, just torque them down to 20 ft lbs regardless of where the valve is on the cam lobe. If they have studs and nuts, you have to adjust them by following a procedure. Rather than me confusing you with this procedure, post what type of hardware you have first. I can then tell you the proper procedure if necessary.

CM454Mag - the motor has studs with nuts. What is the procedure?

20+ yrs ago I built a 4 cylinder pontiac engine. I couldn't get this this to run right to save my arz. Got so fed up I had a tow truck come and haul it away to a mechanic. 15 minutes after he got it I got a call saying it ran great and to come pick it up. 7 Dollars was the charge... WTF!!! I had greasy hand prints all over the rotor which was causing cross fire. Food for thought. Usually it is the simple things.

BT

If the sensor wheel under the rotor was replaced make sure it is the correct one for the V6. The V8 wheel will allow the engine to run but misfires and cannot get timing set properly. Just count the tabs on the wheel. Should be 6 not 8.

I may be way off, but I would check the fuel pressure. Sounds like it may be going way lean.