The 22R-E has pretty straightforward electronic ignition, it has a pickup amplifier sitting on top of the coil. The ignition advance is controlled by the ECU. To time it you jump the ECU into diagnostic mode and set the distributor to 5*BTDC.
BTW Perry, have you pulled the codes from the ECU? Any others besides the O2? I got a stumble years ago and the computer correctly figured out the coolant temp sensor (in the front of the intake under the thermostat) had failed.
'91 Pickup - Imelda / '08 Tacoma TRD - Donna
'09 Kawasaki KLR650
'98 Rhygin Juke SS / '12 Gunnar Rockhound 29 / '16 REEB Dikyelous
"Our task must be to free ourselves from this prison by widening our circle of compassion to embrace all living creatures and the whole of nature in its beauty. Nobody is able to achieve this completely, but the striving for such achievement is in itself a part of the liberation and a foundation for inner security. " --Albert Einstein