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
'09 Kawasaki KLR650
'12 Gunnar Rockhound 29
"To live is to suffer, to survive is to find some meaning in the suffering." -- Friedrich Nietzsche