Did you do this when installing the new distributor?
"The distributor needs to be set up properly, then the ECU handles the rest of the timing, but the initial setup is very important. In my opinion, the easiest thing to do at this point would be to pull the distributor out and to set it up properly, then at least, you've got a fighting chance of getting the engine to run right. Here are the pertinent two pages from the factory service manual that describe how to set up the 4 liter distributor. You need to pay attention to where the rotor needs to be when the engine is rotated to TDC, so the "scribe mark" described on the first page is very important."
Make sure the engine is at tdc on the compression stroke when doing this.