Got it! Damn it Bob I wish I would have thought of that trick on the balancer!
Here is how I figured it out. First I brought the Number one piston to TDC, Measured out 1.45" on a strip of tape and then struggled for 30 minutes trying to affix that onto the balancer (I have thin fingers and still could barely reach it.) Once I got that mess figured out, I back-probed the cam sensor. Using a volt-meter, I then proceeded to curse and yell and spit all over the engine compartment before I gave up and just turned the sensor until the cam light came on. The damned Volt meter was all over the place and never showed 0 volts for more than a second. I probably need a better volt meter but I just tossed all that out.
At this point I had already spent forever trying every socket, wobble, flex, angled thing in my toolbox to loosen the cam sensor; Im not giving up now! So after adjusting the sensor with a guess and a wish I set the TR6 in cam phasing mode and turned the key. It fired right up! From there the sensor was only slightly off according to the tach. I adjusted until I got it right at 3k and tightened the sensor down. The sensor actually had a very much narrower margin than I had thought. I think the margin between the car starting and not starting was less than an 1/8 of a turn.
I was now way over my lunch break time but I drove the 2 miles to work and she ran great! Gave her one quick pull and man does this thing smooth out the powerband. Even Idling sounds better! Not sure yet if this will solve all those backfire issues I've been having but it definitely hasnt popped up any of the codes I'd been getting.
My one last question is about the cam phasing mode. When you turn the key to run without starting, the tach is supposed to settle on 3k. Mine settled at one "bar" above 3k which is either 3100 or 3200. I set the sensor according to that and it runs fine. Am I actually a little bit retarded right now and should set it down at 3k?