When I was assembling the engine on the stand I rotated it a number of times during the t-belt install to make sure all was well in the cam timing area. Once assembled (using the marks on the cam pulleys and the actual cam timing mark on the crank t-belt pulley) the engine is in perfect cam timing.

I guess it is possible that the balancer has spun, but even if you ignore the marks and time it by "feel" I still can't get it to the timing I want. I want to retard the timing by a few more degrees, and the distributor just can't go that far.

88 Trooper, 2.6 5spd
89 Trooper RS
92 Montero