Lack of power can make the converter feel tighter, to a point. Add a couple degrees of timing and then be careful with it. That 34 degrees may be a little low on a 9.4 to 1 318, but that is easy to test. That will also test the timing marks and the timing light itself. Don't care what number it ends up with, just add four degrees and evaluate it carefully. If it rattles or sounds off, don't beat on it and put the timing back.
In the 90s I saw a low compression 360 with a lot of camshaft that was a complete turd. That one had stock exhaust manifolds and a set of headers fixed it up. Never seen another one that bad before. But I looked back at your build thread and you have headers on this one, so we can rule that out.
You mentioned band adjustment in the trans. Low/reverse band too tight would not be noticeable in 1st gear since it is applied in manual low range anyways, so rule that out. Too tight intermediate band would drag when it is not supposed to. That is easy to check because it is the external band adjustment.
After all that, I would agree with the idea the converter is the cause. With 4.30 gearing that car should FEEL like it is accelerating easily and, if not, something is definitely off.