You can still adjust the timing by twisting the distributor cap, but first under the dash close to the computer there is a brown wire that needs to be unplugged. This is your electronic control, if its not unplugged don't bother like you said cause it will wonder all over and look way off. unplug it and see if your timing is @ 0 this is where it should be , ifits advance some how maybe thats your knock, Also when you changed the oil did you get the right filter sometimes those cross-referenced ones are exact size but don't have the flow back valve in it. Unless thats only for 4x4's where the filter is sidways? check into this to. Most likely if its still running, you don't need a new engine, likely just a rebuild maybe even just a top end . If your real lucky maybe just a stuck lifter.