You said timing is set to what?
If not at 10* to 12* BTDC, vacuum disconnected and plugged, bump it up.
With no vacuum bring the RPM up from idle and see what the timing moves to.
Now hook the vacuum up and bring the RPM up from idle and see what the timing moves to.
Let us know what happens.
You said new motor?
Did you drive this truck with the old motor and if so how long was the truck out of service / not driven?
Was it sitting inside or outside?
Why was the motor replaced?
I had a customers car the motor blew a head gasket or cracked the head, too long to remember now.
Car was pushed in and out till a new motor was installed.
Pushed it inside to do last little bit and fire it up and could not get it to start, wanted to but would not.
We gave up for the night came in next day hit the key and it started right up.
We also got flooded with water shooting out the tail pipe!
The exh / muffler filled with water and being winter it froze and would not let the exh gases out so would not start. Sitting over night in the warm shop was the fix.
If the exh was left open something could have made a home inside and it is plugging the exh system and not letting all the gases out and why only 40 MPH.
A bad cat thats plugged and or coming apart and plugged the muffler will do the same.
Dave ----