It's got to be the valves, there is no way the flexplate and crank pulley can turn and you aren't having rotation on the rotating assembly, it just isn't possible. You're valves are probably mis-adjusted.
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-Nick
9/11/01- Never Forget
2002 Pontiac Trans-Am WS6 # 206
Chasing 10's
469RWH/437RWTQ
11.05 @ 123
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