320 distributors drive me nuts, I have had more issues with the two 320 positive ground distributors I have than I with all the distributors in all the cars I have ever owned.
If you have spark to the plugs, and your sure it is timed correctly and not 180 degrees out, then maybe it is flooded. When I have flooded mine in the past, I remove the plugs and clean them, then I light off each cylinder to burn the fuel in them off, I then put it back together and try again to start it.
I had an issue with my U320, the coil wire was resting on the steering column(RHD), I would try to start it, but I couldn't get it to hit consistently, sometimes it would try to start, but it would not run, then one night I hit the remote starter while looking down at the dist. side of the engine, and I seen the coil wire arcing to the column shaft(grounding

), once I fixed that issue it would start most of the time until another dist. issue showed it's ugly head.
It's a good thing you figured out the rotor issue, make sure that the rotors are the same height when installed, it would suck if the new one was shorter and not making the connection to the center of the dist. cap although you say you have spark to the plugs, just throwing that out there.