Funny story. When my engine was built and ready to go back in, it back fired only once. Check for fuel, spark, the basics. After that, if you're getting compression on the engine in the number 1 cylinder, can feel it by placing yer thumb over the hole and cranking it over, then the cam and crank gears are properly aligned. The oil pump may be misaligned against the cam, that I don't recall how to stab off the top of my head as I don't have my FSM next to me. Bring the engine to No. 1 TDC, pull the distributor out. Look down the hole with a flashlight, you'll see the distributor is driven by the oil pump and can go in only 2 ways. With Number 1 at TDC, rotate the distributor rotor so that it points at the 5 o'clock position. Stab the distributor, rocking it gently until the shaft is all the way in. Tighten the clamp. Your firing order is 1-3-4-2 CCW. 5'oclock is Number 1. Run the wires accordingly. Gap the plugs to .030-.035. Begin starting the engine, slightly adjusting the distributor as you go until it runs. Hook a timing light to the number 1 plug wire, and check your timing. 6* advance at idle is where I ran mine at this altitude. Make sure the carburator is adjusted. Add some tension to the idle screw if needed for a fast idle until it runs. Run the air/fuel needle in about half way.
On that, Pertronix really made my L4 134 fire like a mother father.
Like I said over FBIM Bob, I had to put my wires on such as:
3421 with the number 3 plug wire on the number 1 plug spot.
The only other thing I can think of is the oil pump is not stabbed correctly.