Wouldn’t reducing the duration that much, increase cylinder pressure a lot, maybe cause pinging/knocking?
(Assuming it was built right for the 292 cam)
It would be good to really know what you are dealing with.
probably a good idea to confirm the stroke and engine displacement.
A bigger displacement engine runs smoother than the same cam in a smaller displacement engine supposedly.
so again, good to confirm what you have
If you pull the head for that, you can also confirm the actual compression.
These are just my thoughts
hopefully folks with more engine building experience than myself can speak to that.
You can adjust the compression a bit with the head gaskets, but not a ton, especially if it has that 4.25” stroke
Pretty sure it would run pretty bad if the cam if off a tooth
also I think low vacuum engines can require serious some carb tuning
can easily get popping, I believe, if they are just bolted on with basic just adjustments
if it were me
I’d want to confirm if timing set was installed incorrectly as it appears.
if so, then fix that, and try to get the engine running happy before changing anything else
Is if if runs better, move to the carb
lot of folks just turn up the idle screw too much to get it to idle; gets it out of the idle circuits and cause problems (I did )
Do one thing at a time, to isolate and confirm the problems, then attempt to correct them
doing multiple changes at once will make trouble shooting much harder, if not impossible
good luck!