I'm having a timing problem with my 95 5.8. I've tried to check the timing but it's not even close. Yes, I've removed the jumper. I was told once before that this is most likely the result of the outside of my balancer slipping. That's the only explanation that makes sense because if my timing was off as bad as the light shows, it wouldn't start let alone run. Anyway I know you're not supposed to try to adjust the timing, but my truck was starting to get very flat. At high RPM's the problem is not as noticeable. After taking the proverbial shotgun blast at a few items, tuneup, O2 sensor, IAC(bad), TFI, etc. I still have a problem. If I advance the timing, my power definately increases. The more I advance, the smoother the motor runs and the power increases. The problem with the advance is the spark knock that also increases. With the distributor in the factory position(I marked it), there is no knock/ping whatsoever. Any suggestions.

 

Look at the crank balancer for deterioration of the outer ring mounting.
If you see this then replace the balancer. It's not that expensive.
Retime the engine with the SPOUT removed to the factory 10° being sure you are triggering off #1 cylinder..
When you go beyond 10° too far and depending on the gas octane, ping is the normal result.