If you have air, fuel and spark, and the spark happens at nearly the right time, it should at least cough and sputter, or run somewhat.
There is the most remote chance that the timing chain was loose (nylon gear on camshaft from factory) when engine was laid up and that the chain has slipped. One or two teeth should still at least fire the engine a bit. But more than a couple teeth off, the compression would be very low in all cylinders, like below 90 psi, at which point it will not run.
Pop out the #1 plug and take a compression reading. If over 100 psi, set that cylinder at TDC, then re-check distributor position for that cylinder.
Also, make certain you are setting spark plug cables on distributor for the correct rotation for an Olds engine. If in doubt, after setting distributor at #1, crank engine with distributor cap off to verify direction of rotation. Then make certain wires are on in the correct direction.
Good luck!
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