G'day Robert,
Anything is possible, but an erratic timing caused by a cam gear that is falling to pieces is a possibility.
The best way for checking for a loose or stretched timing chain is to take off the distributor cap, and with a wrench on the front of the crankshaft, turn the crank one way, till the distributor rotor moves, then turn the crank the opposite way till the rotor cap moves in the other direction.
A good timing chain will start to turn the Rotor as soon as any slack in the chain has been taken up, maybe a couple of degrees of the crankshaft movement. If there is a lot more than that, then I would be suspecting the chain or gears.
Not sure if it is possible to see down through the distributor shaft hole if one can see any part of the timing chain, as with the front-mounted distributor, you might even see it using one of those bore scopes.
Also not sure when Cadillac started to use the plastic covering on the cam gear, but if they did, you might be surprised what you find.
If there is nothing wrong there, I would be looking elsewhere. Have you fitted a Vacuum Gauge to see what the Vacuum signal is doing. There are charts that show what the various readings mean.
Bruce.
