code problems

1988 Blazer 4X4. 4.3L TBI. Vin code Z. I just rebuilt the engine and it is not running very well at all. I had the distributor a tooth off. Fixed that. It idles great. As soon as I go to give it gas, it cuts out BAD. I can see from the injectors that the fuel is cutting out. I think either the fuel pump, fuel pressure regulator, or filter. Or maybe the injectors are bad. However, I have a code reader and it read code 12. Distributor not sending signal to ECM. Here is the question. Does it read that code cause of the vehicle not running. Cause the rotor isn't turning? Or is it something in the distributor electrically that is coing out that I need to replace? Any help would be great.

Code 12 is the standard handshake code saying it is extracting the codes properly.

It is NOT a trouble code.

Have you checked the timing with the timing wire unattached?

which wire would that be?

This wire:

http://img.s10forum.com/album2091/aab.sized.jpg

is that in the cab of the vehicle?

Yes, under the passenger dash.

what is the timing supposed to be set at?

check the hood, should tell you.

I believe zero.

there are no stickers under the hood indicating what the timing should be. I had to look under the hood of my 94(which doesn't have the specifications either) to get the belt routing. I'll look around the net and see if I can find it anywhere.