Thanks guys. I decided to do a little more testing based on your response.

I'm confident I have fuel pressure. I jumpered across the fuel relay and can definely hear the pump come on. I tried starting it off this configuration (constant 12v power to pump straight from the battery) and there was no change in behavior. It started and promptly died.

I also decided to rule out the alternator. I jumpered across the engine relay to defeat the alternator low voltage indicator. Once again, no change in behavior... it would not stay running.

Any other suggestions? i still think its somehow timing related as I can vary its running time slightly by fine tuning the distributor. but i've tried advancing/retarding a tooth as well as changing out 180* to make sure I'm not crazy, and those configurations result in no start at all.

-Rob