Yes, I've tried that but the engine is kicking back, but when there is no fuel it cranks smoothly, so there is definitely an issue with the ignition timing.
I had a friend (he is out of town) check the spark on his 300e 24, and there is none of double spark I am getting.
So, I'm calling it an EZL problem at this stage (or the VR trigger pickup is picking up stray signals), it would be good to get hold of EZL to be certain that is the fault.

Does anyone in Melbourne have a spare EZL they could lend me?

The front of that crank pulley is different from every other pulley I've seen. They all have 6 bolts around the center bolt holding the pulley and harmonic on.
This one looks like the center bolt is all that is holding the pulley and harmonic on.
That is a real bugger as I have a 36-1 trigger wheel ready to bolt up that uses 3 of the 6 holes.

Problem solved.

If you have a twin cam that is running badly replace the plugs, leads, distributor cap and rotor.

Can't believe they were causing the timing problem but a spark will go where there is least resistance.

Low comps were caused by by bores being flooded from fuel by constant cranking by previous owner.

It now goes like a scalded cat.

What a bargain it has turned into.

I used to spray all the ignition wires etc with wd 40 to check them years ago.The penatrating oil just acts as a moisture displacer and a dielectric at the same time I think. Anyways narrowed down quite a few.