Miswire confirmed:
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The distributor is off by a tooth, I tried to use the tried and true method of sticking my finger over the #1 sparkplug hole while my wife hit the starter, but kept coming up with the rotor between positions. So, I disconnected all the plugs from the distributor and moved the #1 plug wire around until it fired off, then the normal 1-5-3-6-2-4 once we knew where #1 lived.
So, as it arrived, it was wired 180 degrees out from TM normal, and was also wired with a firing order that only would make sense for counterclockwise distributor rotation...which of course isn't how these flatheads run. The oil pump does not have the same green paint as the rest of the block and pan, so I'm betting someone changed it out, didn't read the TM, and didn't know to turn the distributor drive gear back a tooth!
Now the next thing is, it's got an electric fuel pump which is of course...dead. Man, I hate aftermarket electric fuel pumps, that was one of the things which led to the runaway M49 clutch explosion! I see there are 24V aviation electric pumps available...do I do that or buy a mechanical from Midwest or VPW or something?
There's currently a blockoff on the hole for the pump, which is painted very close to the same color as the block...that's kinda curious. This truck does also have a power steering upgrade with what looks like a professionally made bracket. Wish I knew more of the history behind it!
I also need to hook up at least an oil pressure gauge before I run it anymore. There's no life out of the dash gauge, but I'm pretty sure the sender is unplugged. It looks like someone started doing their own wiring harness replacement on this truck...it's not terrible, but it's also not "right" and doesn't match the TM diagrams even a little.