Are you getting power to the light? what size are the plug wires? too thick? Maybe its not sensing the connection. I dont know heh...
IF you do have power and the light is strobeing....
Did you mark a white line at the degree that you want on the Balancer? Thats what I always do! so i can see it!.. Also try clamping a different plug wire with the timming light... shouldnt the timming retard when you rev the engine up? try moving the distributor slightly, but mark it so you know where it was when you started
... thats all i know!
Oh yeah thanks for the advise on the bushings man.. I got the bushing set today in the mail, its gonna be a pain in the *** to do them all but i have a 3 day weekend