When you say the timing belt "couyldnt be more dead on" did you actually count the cogs?
[ http://300zx-twinturbo.com/cgi-bin/manual.cgi?list=em&dir=&config=&refresh=&direction=forward&scale=0&cycle=off&slide=18&design=default&total=70 ]When you check the timing using the "high tension wire" does it change if you flip the "inductive pickup" over 180 degrees. I have 2 timing lights and while using the newer one my car will vary 10 degrees just by flipping that over. The older one doesnt do this. You could always try a known good cas or buy another one to see if its in the same position(old style cas's are dirt cheap in the classifieds).
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