Do you have while smoke coming out the exhaust? If not, you aren't injecting yet, it can take a while to completely prime the pump.

If you are, I suspect you are still too far off. Just close won't work, you actually have to set the timing to the mark or it won't start after sitting for a couple months.

Make up a drip tube -- rubber fuel line will work, just cut the free end off so that it forms a point for the fuel to drip off (bottom side) and set the timing dead on 24 BTDC -- you may need to remove the injection lines to be able to rotate the pump. I know this is a hassle, but it ain't gonna start until the pump timing is correct.

1/8" off is probably ten degrees or more, and I'd bet it was late rather than fast, too!

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!