Another good reason to replace the balancer if it's spun is that I had one on a 1980 Camaro that spun and slipped back and wore a hole in the timing chain cover....not exactly the place you'd really want a big vent between the crankcase area and open atmospheric conditions....
I agree with the others, that it's probably either slipped or has the wrong timing cover(could possibly have one where the pointer is 12:00 and you have to look down behind the waterpump to time it) or vice-versa it could have the wrong balancer(one that's made to go with the 12:00 timing cover).
For a quick check: Pull the number 1 spark plug and hold your finger over the hole while someone slowly by hand turns the engine over until you start feeeling compression building. Then take a peice of wire and put it through the plug hole into the cylinder so you can feel the piston coming up. Have your helper continue to rotate the engine until the piston is as far up as it'll go, and just before it starts going back down. Then compare the mark on your damper with the timing mark on your timing chain cover. This won't give you dead-on timing but it'll be enough to tell if you have a problem with either wrong parts or a slipped balance ring.
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