Engine cranks has fuel and spark but won't start

[Plumbnutz]

I recently took my 89 K5 Blazer out for some wheelin' on the way home the engine started to misfire. I suspected the distributor had gotten wet, sure enough moisture was in the distributor. I dried out the distributor cap, cleaned the contacts and put back together. At first I thought I had re-wired the spark plug wires incorrectly, so I checked it more than once and even referenced another vehicle to make sure I was right, still nothing.

I checked for spark at the plugs and have spark. I checked voltage at the distributor and have fuel at the throttle body. I have not checked fuel pressure though. I also loosen the distributor and tried different positions, no go. Even changed out the distributor and rotor from a TBI 350 that was running.

What the heck gives? I have fuel, spark and the engine cranks but it will not fire, it does make a popping sound the first time I try to start it. At first I thought maybe whoever owned it before me had the distributor off 180 degrees and changed the spark plugs wires at the distributor accordingly, nothing.

Any suggestions would be greatly appreciated.