You mean like the rubber donut's slipping?
"...all the way around the flywheel..."
I think you mean the front pulley. It's a "sandwich" assembly, with the outer portion (having the timing marks) attached to the inner portionwhich is firmly engaged to the engineby a rubber vibration isolator "donut."
When the rubber-to-steel bond finally fails, the outer portion of the pulley can slip away from alignment with the crank, giving the appearance of wandering timing.
Certain repair procedures, if done improperly, can tear this bond.
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