I don't think it's possible for timing marks on the 4.5 to ever be off without the entire hub falling off?

Before you pull the distributor to reset the rotor, check to see if vac is being supplied to your distributor. If it isnt getting vac, timing should be 7° BTDC, not 5° ATDC. Easiest way to tell if it's affecting your car is pull the vac line while it's running - if the engine speed jumps up, the vac retard works. If there is no engine speed change, find out why - Make sure your AC is switched off, does the line have a vacuum on it? If so, but it doesn't retard the ignition, the unit on the distributor is bad. Plug the line, set timing to 7°BTDC until you replace it. Lots of threads on this. Do a search, most of them are probably in the Vintage forum.