Hi,

That’s nice that the cam is moving but is it time with the crankshaft and distributor?

I would rotate the engine with a wrench down on the crankshaft and bring it up on zero, Turning it to the right.
Take a glance at the rotors position to align with the notch and number one wire terminal.
Take another glance into the top of the engine and see if lobes of the number one cylinder are centered pointing upwards equally.
Of course,there is a notch on the cam sprocket that can be seen by just peeling the top cover back a wee bit.

If all looks to be “in time,” I still would loosen the belt tensioner, through the rubber plugged hole in the front cover, just for the giggles of it, for nothing else to do?
You might have a “floppy-de-goes-somewhere soon” item in there.

You have fire and fuel and so the air should be a given.
The compression of it all throughly is what made me think into camshaft belt not working.

Phil