First off all I don't know how you checked or attempted to adjust the ignition timing because it is not adjustable.Checking the resistance of ignition wires is a big waste of time.That being said start the engine and spray water on the engine and see if the operation of the engine gets worse a garden hose works fine.If it does replace the cap,rotor and wires.Those engines are noted for the coil wire breaking internally and also the power and ground wires to the coil so check them.It would also be a great idea to check the fuel pressure right now and not guess that it is ok.You need 55-60 psi if it's 40 or 45 it's no good.If you fould a way to move your distributor it would be a good idea to have some one with a good scan tool read and check the cam position retard on the engine.I have a feeling wires and the cap will fix it though.
Master ASE Certified.L1 Advanced Engine Performance Certified.Pa Emission Repair Technician.Just Answer Car Category Mentor.
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