1986 Ford Ranger 86 Ranger wont produce power

I have an 86 ranger with a 2.9L v6. The truck acts like it has no power what so ever ever. When I bought it a buddy and myself set the timming and it ran great for a few weeks. We looked further into it and found out that the electronic distributor moduel was letting watter in and when we took off the plug off the distributor and routed the distributor moduel back to the distributor it still asts like the timming is off. We even used the same light we set the timming with the first time and it will not go in timming. It will run but verry roughly and it has no power what so ever. I took out the o2 sencor to see if it was the cat. Converter and it still runs the same way. The distributor moduel was tested and it tested good. I dont know what else to do.