start with the compression test first if one cylinder is far lower then the others better count on tearing the head off. if they are all low then go for the timing chain. but make sure of the cause of the problem first throwing parts at it can get expensive if you do not have the problem identified.
If it jumped valve timing...moving the ignition timing is not going to do anything to make it run better.
Anthony, I would check 2 things. A cracked distributor cap. Fuel filter also. If you don't get the correct amount of fuel to the piston, you starve the egine from creating power.Let me know if this helped you.
Keep in mind, if it jumped time, your compression numbers may be lower than expected. Just look for any that are significantly different (>20%) than the others.