One more thing..those fusible links in front of the passenger side headlamp..look like thick wires connecting two connectors. IF they go out..I take it you will see a fried wire??
Not necessarily. They are pretty well insulated. Proper procedure it to test them for continuity with a multi-meter.
I have a hard time believing the timing belt jumped. It just can't do that. Well, it "could" but, it is not common on these engines. The tensioner is spring tensioned, but it is then tightened to the block once the belt is installed. Given the age of the vehicle, it would be more common for the outer ring on the dampener to have slipped on its rubber cushion.
To check this, pop the cover off the distributor and remove the top part of the timing cover. Turn the engine over until the rotor is pointing at #4 and the mark on the cover and the cam sprocket are lined up.
Then, the next step is up to you. We need to see where the crank pulley really is. At this point, start by looking at the timing pointer on the cover and the marks on the balancer. If they are lined, up, I would not worry too much more. If they are not, then you can do one of two things. One is to remove the crank bolt and get a mirror down there (or your head, if you can) and see where the keyway is. It should be at 12 o'clock.
Or you can tear down the rest of the timing cover (involves more disassembly, obviously) and see where the mark on the crank sprocket is relative to the mark on the front seal cover.
Truthfully, this is the only way to really check the base timing if you suspect a timing issue. Using the timing light has just too many variables on a non-running engine to be reliable. And, as I said, there is just not room in the belt to skip teeth without being more catastrophic.
Another simple test would be to bring #1 or #4 to TDC on compression. It does not matter for this test. A dowel in the spark plug hole works for this. Then see where those timing marks on the crank line up. They should be really close to 0*, give or take.
I would still get out the starting fluid and see what happens. Even with horrendous timing and fuel, something should catch fire at some point. It may not run, but it should make some kind of noise just by the principle of raw fuel and sparks. Are you smelling fuel when you are cranking? It should be pretty strong if timing is the only issue.