Crank looks fine now.
Taking a guess that the pulleys have been machined so that the centre of adjustment is as per standard pulleys, then I'd say that they're perhaps both out. Try adjusting the pulleys to the centre of the adjustment and have another look.
If you can unbolt the pulleys from the cams (but don't remove them) then as standard the woodruff keys in the ends of the cams should be 180 degrees opposite where the standard pulley alignment marks are - ie the exhaust cam keyway should point to the left, and the inlet cam keyway should point to the right in your photos.
Once you think the cam timing is correct, turn the engine over using a spanner or socket on the crank pulley bolt before turning over on the starter motor. Listen/feel for contact between valves and pistons.
Last edited by jon@work; Jun 20, 2009 at 03:58 PM.