I recently purchased a 76 highboy with a 390. It had a substantial oil leak from the rear intake gasket. I replaced the gasket and found out the new gasket was faulty. Therefore it started leaking water out the back and mixing with the oil. I took the intake back off and replaced the gaskets with a new set. I then did an oil change as well as replace the plugs and wires. I now have no leaks or oil in my water or water in my oil. I do however have white and gray smoke coming out my exhaust. I set my distributor to factory specs lining up the rotor towards the number one cylinder on the cap and facing the number 8 cylinder on the block. This was all done at top dead center. On the balancer it was reading TDC on all this. When I fire it up and try to time the motor the timing marks are towards the bottom of the balancer and the pointer is at the top. Needless to say I cant time it. My motor has a miss as well. I did a compression test dry on all cylinders. They were all equal but low. There isn't blue smoke so it cant be rings and all the cylinders are equal so it cant be a valve. What is it. I am at my wits end. I am fairly capable with a wrench but cant figure it out. I ran all the casting numbers and found out it is a 66 390 GT if that helps. Please help Thank you.