Need some advice on my newly aquired car.

[coheed]

Ok so I just picked a 1987 Supra non-turbo for $300. The car wouldn't rev past 4000k rpm. So went through the ignition system, new plugs, wires, cap and rotor. Still wouldn't go over 4. Figured out the woodruff key sheared itself. Got a new key and balancer, still wouldn't go past 4. So I reset timing on the cams and distributor. I set the ignition to 10 degrees BTDC, which I'm pretty sure is where it's supposed to be. The car will rev all the way up to redline now, but afterfires (shooting fire out of the headers) all throughout the band. The fire is apparently so frequent that I took it for a 2 min drive down the street and the catalytic converter almost caught my floorboard on fire. I'm completely lost at this point because all the timing is good and I cant find any vacuum leaks. It isn't throwing any codes either so I'm stumped. If anyone can help me out here it would be greatly appreciated.

Also checked the AFM and the TPS and both are good.