Rick, does the tach "park" at the same place every time when you turn the key off?
Does it go to"0" when you turn the key on before starting the engine?
Chances are, the tach filter is damaged in some way, or was left hanging loose. If it was working fine before the dist swap, I'd double-check the wiring to the dist. The tach filter should be in the wiring coming from the "Tach" terminal on the dist cap, and should be a brown wire...assuming you are still using the HEI system. If the filter wasn't bolted back down to something on the engine to keep it grounded, it can cause the tach to be flaky like you describe.
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Joel Adams
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