[Frankenstang65]

Thanks for the fast replies.
I pulled the distributor out and noticed, as 73 mustang boy indicated, that the pin that hold the gear on had broken loose. The distributor is in sad shape anyways so I'm just going to replace it with a Mallory unit. Is there any way that I can check to see if the oil pump is seized up? Oh man, that would not be good!! The gear on the cam is fine, and I don't want to put a brand new distributor in there and end up shaving off some teeth in the event that it is indeed stuck.
Gearhead...I didn't take a close look at the power valve/ metering block when I put it in, so I wasn't sure if it could have gone both ways. The metering block only goes one way and everything else is ok, so I'll assume that it is a problem with the floats. They are definatley too high, but I just wasn't sure which way to turn the needle valve, I'll see if counterclockwise (per your advice) will do the trick. The needle valves are brand new, so I don't think they're sticking. Thanks.