Engine Timing Light Not Working

Hey all, I am trying to time my car correctly. I recently installed a new balancer because my old one looked like it was out of balance and one of the things I didn't replace when I rebuilt the engine less than 100 miles ago. Car runs pretty good but when I try to use the timing gun. I only very rarely see the 10 degree mark or any marks for that matter. It's like the timing light isn't flashing at the right time or the plug isn't firing correctly. I have a msd cap and rotor and cheap auto zone wires. And yes I did remove the timing advance plug. Any way it could be timing chain not lined up? It was replaced also. Any suggestions?

Thanks guys

Sorry it's a 1992 5.0. Pistons, rings , bearings , timing chain and sprockets gaskets and seals. New plugs, wires, cap and rotor. The balancer looked as if it was wobbling and I thought it was causing a light knock/tap but that's still there. I used a new stock replacement Dorman 50 oz balance. Maybe I didn't get the firing order right or the plug isn't firing. Maybe the cam is a tooth off but I swear the timing was good when I first got it back in and running. It is just so erratic. Every five second or so after flashing I can see my 10 degree mark I highlighted with white out. Sometimes I have to wait before I see the mark even longer. All I see when the gun flashes is the other side of the balancer ? Help!!

Thanks

Alright guys just went out and stabbed the distributor again and went through the whole process of timing and now it's spot on. Now I think I'm still back to battling my strange lifter type knock tap sound. It's driving me crazy. I already replaced them. I don't know what it is. With a stethoscope I only hear it on top of both valve covers on the intake side of them. Only in the center of the engine. Not on the bottom. Maybe I'll start by plucking plug wires one at a time ? What would you do?

Yeah I'm happy I got that straightened out ! But yes they are stock heads with stock valve train parts with new melling lifters. The heads were rebuilt right before I bought this car because of an apparent bent valve.. who knows the real story. Everything looks to be in good shape up top though. I have ran the car without valve covers and the noise was not right in front of me so it wasnt rockers. I put a stethoscope on the rocker bolts and I could hear the sound traveling through them. On all cylinders. Last night I pulled plug wires and it is not dependent on any one of the cylinders. The noise stayed the same. Could it be cam bearings maybe the same valve that "was bent" before they were" rebuilt "? I know it's hard to help me diagnose it over the Internet. But any suggestions are appreciated!