You can't get the engine to run for any period of time, save for a few blips of ignition, correct? It sounds like either your timing or firing sequence is off (or both).
That muffler explosion you experienced was a spark plug firing while the exhaust valve was open, which ignited the exiting fuel vapor which sent a flame down the exhaust pipes to the muffler where it probably had the most fuel hanging around.
I'm going to offer a couple of questions based on my mostly academic understanding of these distributor-based systems. How sure are you that the spark plug wires are hooked up to the right posts on the distributor, and are you sure the distributor is installed in the exact same position as when you started?
The reason I ask about the spark plug wires being hooked up to the right posts is a very common mistake is to get the #1 spark plug hooked up to the right post (since it's labelled on the cap), and then hook up the rest in the right order but going the wrong direction around the cap (clockwise instead of counter-clockwise, for example). Or being one post off to begin with. No shame either way, I've done both

If you never disconnected the wires from the cap, naturally this won't be the problem.
Also, if the distributor is turned too much in one direction or the other it will throw the timing off too much and you won't get proper detonation.
This reminds me of when my buddy and I were trying to get a rebuilt 289 started and we kept getting Wizard-of-Oz-style fireballs blown out of the carburetor. Turns out the crankshaft I had installed was from a later-year 5.0 engine which used a completely different firing sequence so the spark plugs were occasionally igniting while the intake valve was open.