Yup... Timing is off. Try advancing the distributor until it pings under load a bit, then back it off a hair. It's a bit of trial and error, but it will get you home with decent power.

"A young man who does not have what it takes to perform military service is not likely to have what it takes to make a living." - John F. Kennedy

Proud owner of an 88 Montero (with a blown engine).