i gather you have not verified the dizzy is stabbed correctly since you are trying to get #1 on the compression stroke.
i agree it's probably the valve adjustments.
wow..when i installed my "b" with ported gt40 heads and lower mine would blow the tires off in 1st and 2nd. and this was prior to the blower. however, i did advance it 4*. what's the rest of your combo?
you can remove and reinstall the op drive shaft with the engine still in the car. after jacking up the car it took me ~an hour to replace the pump and shaft.
just purchased and installed this one.
it is most definitely oem as it matched perfectly to my stocker.
http://www.performancepartsinc.com/images/cable.jpg
the stock bearing retainer is not hardened steel. make sure you get a steel retainer when you replace the present one. by replacing the throw out bearing and leaving the damaged retainer you could have clutch bind.
have you changed the fuel filter? maybe the pump is tired. he is correct about the timing. and no...you don't need an adjustable regulator unless your is fubared.