Hi Tim,
There are two things that can cause this.
1) - the mechanical advance mechanism needs some attention in the HEI.
2) - the timing chain is shot! Better take care of this, otherwise it will let go and can cause somes fairly nasty damage.
Also, the outer ring of the harmonic balancer may be loose - causing the mark to "move". This would not appear as erratic movement however, more slowly, the mark would move around the dampner.
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Oliver J. Giorgi
Technical Advisor
1958 Passenger Car