Timing

Attempted to adjust my timing today and realized the indicator pointer isn't anywhere near the incremented gauge. its about a 1/2 to 1" past the end, also it seems no matter how far I rotate the distributor the distance doesn't change but the engine slows and speeds up. The engine has the fast missing at low idol but goes away as I increase the gas, just doesn't seem to run as smooth as it should. As far as the gauge problem goes where do I start?

The harmonic balancer on the 226 is notorious for slipping when the rubber starts to go bad.

Try setting your timing with a Dwell Meter.
It may or may not help.