Roler, I had intentionally set the #5 as the #1 due to every time I set the distributor it pointed to number 5. It didn't work, but I may test it out for the giggles when I get the new balancer on. It's something I could get away with on most old V8s. You are absolutely right on the caps. Every one I've purchased for the other 4.0s I've owned have had it. Oddly enough, neither of the two engines I currently have do. The one I'm using looks to be in good shape, and my $800 dollar Cherokee has already become a $3800 dollar Cherokee( between engine, floor pans, interior parts etc.)

Honestly have to say, you guys are great. I'm on a couple of other forums, and they've got some good folks, but this one has had the most feedback. I wasn't going to post a bunch of pics and end up with a build thread, but if you guys are curious, I'll put some time into it.

 

The pictures don't do it justice. The yellow notes have a line off of them that should show the difference between the new and old balancer's timing notch. It actually equated to about 15 degrees on the timing marks.

So my theory is that it ran fine in the previous vehicle because we set TDC and leave it to the computer. No reason to pull a timing light out if the computer is controlling it and it runs fine? Here's a better shot of the rubber layer between the inner and outer.

I did get it wired quickly before running out of light. Unfortunately I only got a cough out of it. The battery was way low, so she's on the charger for tonight. Regardless, the distributor dropped right in and pointed to cylinder #1's post. Tomorrows the better half's day, so we'll see if it starts when I drop the battery back in on Monday.

 

Finally got back on her the other day. Definitely the balance slippage. I did misroute my plug wires in the dark after installing the balancer, but after we sorted those out it started up. Once she pushed oil around, she purred like a kitten. Guess it shows not to overlook the basics. Much appreciation for all those folks that helped.