I have a 1997 hardbody 4x4, 4cyl. i bought it knowing it needed timing chain replacement so i fixed that first thing; i then started chasing the check engine light and that's where i'm at still. i discovered the dummies who owned it previous punched out the cat at some point. i installed a new aftermarket cat and new o2 sensors, engine light went off for a day after doing this but came right back on. engine lacks power, the exhaust manifold still glows red indicating a lean condition, additionally there is a knocking sound (less frequent if i run 93 octane) that occurs after climbing a hill or accelerating followed by a slight rise in temp gauge. Knocking goes away after engine cools. i dont have funds to start throwing parts at it. is there any hope of getting this truck back to full power and normal operation,

I believe you need a new engine now. Glowing exhaust manifold means lean condition? LOL! That "knocking" sound is called detonation, and it means your internals are being hammered away with gas blowing up upon entering the cylinder because it's too hot. You probably melted some pistons and god knows what by now.

That thing is toast. It was all probably originally caused by the timing being off by way too much, IMO.

I'd like to know how this engine turned out. I'd have to guess that it was toast.