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The pony did run OK but it was overheating? In correcting the overheating problem, the timing problem occurred? Doing what Neil suggested should isolate the problem but it sounds like maybe the timing between the cam and the crank is off 180 degrees, Why would I suggest that except been there done that. The crank can be rotated 360 degrees and the marks will still line up with the cam gear. But if the pony was running beforehand and the crank gear and cam gear were not disturbed, that could not be the problem. The pony will get hot if the main is not turning as the only water circulation in the pony is from the water pump on the main.
Bruce you will undoubtedly be the pony expert after your pony rebuild.
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