Yep. I'd bet on timing being bad before a bad cap, but I have had a bad rotor button that didn't make contact and wouldn't send spark.
Go back and redo your timing process, and also, double-check your plug wires for continuity. If you're testing for spark by using a plug wire with a plug in it, grounded to the engine block, and your wire is bad, you could be wasting your time.
Keep us posted?