Stupid question - you've tried replacing the plug wires - have you tried
replacing the spark plugs themselves? If no current passes along the HT lead,
the timing light won't light, even if the HT lead is live (I think). Although
if it was dud plugs, then you shouldn't get a spark between the HT lead and
the cap when you hold them close (which you have tried if I read your message
right).
If you simply had the leads connected wrongly, the timing light would still
function, since the plugs would still spark, just at a rather useless moment.
Cylinder no.1 is the one at the front (nearest the radiator) - the only
confusion I've ever come across on labelling convention is on V engines (some
do one bank, then the other, some count from front to rear back and forth
between the banks - working for an engine design consultancy we get all sorts
of customers!). All 4-cyl engines I've ever seen fire 1-3-4-2.
My knee-jerk reaction in this sort of situation is to go down to Halfords (UK
equivalent of Pep Boys, I would guess), and spend 20 quid (30 bucks) on brand
new plugs, HT leads, rotor, cap, and maybe even points and condenser. Then
you KNOW, for sure, that everything is good. It just removes some of the
uncertaincy from the process - it will either cure it, or rule out all those
possibilities, either way worth the money, and all those parts should be
replaced on a regular basis anyway.
Good luck, I hope you get it sorted!
Richard and Daffy (running so well at the moment I am reduced to advising
others, instead of asking for help myself as normal!)
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