KA24E not starting

[SirReptar]

Recently installed a KA24E in my 89 hatch. Everything is plugged in and all the lines are connected, yet when I go to start it all it does is crank and backfire. Check engine light is on but the ECU only throws code 55 in diagnostic mode 3, looking up code 55 means there is no malfunction but the light is still on. I'm thinking it's my distributor timing, but I set the motor to TDC and the distributor is pointing at cylinder 1 underneath the cap. Also I saw something somewhere saying to take the oil cap off and hope it doesn't smell like gas, well it does smell like gas, what does that mean??

[PapaSmurf2k3]

If it smells like gas then you've flooded it somehow.
Doublecheck the ignition and valve timing (maybe rock the dizzy one way or another while cranking to see if it improves), and change the oil once you get it figured out.