OK, let's recap what has already been done.
Delco Remy HEI. It ran fine when I bought it.
1.) Changed wires, plugs, cap and rotor
2.) Compression check on All the cylinders and it’s at 180- 185 psi across all cylinders. Number 7 cylinder was 183.
3.) Changed (swapped) plugs that I know that were firing into the number 7 cylinder.
4.) Changed (swapped) wires that I knew were firing to the number 7 cylinder
5.) Engine still sounds the same
with the same misfire. When I pull the
plug in cylinder 7 it looks wet.
6.) Took the valve cover off and turn the engine over and watch the valves open and close. Both intake and exhaust are opening and closing properly.
Valve adjustment looks good.
Single cylinder won't fire, all others do.
If bad electronic module, it would be bad and all cylinders affected.
If bad coil, it would be bad and all cylinders affected.
If bad rotor, it would affect all cylinder.
Bad cap - cracked, poor quality where brass electrode is not extended far enough to make good contact with the rotor, drilled/positioned too far away from rotor to make contact.
--When you re-attached the coil to the top of the cap, did you use the same screws? Make sure none of the screws have gone through the top of the cap and are not sticking through causing a short.
---Check the center electrode in the cap - should have a curved surface that makes contact with the rotor button and should be able to move in/out against the spring - you did replace this with a new one, right?.
Since it was running well with the old parts, install the old cap and try that.
Rotor. May be bad. Make sure the contact that connects with the center electrode in the cap is making solid contact with it. I have had to lift up on that rotor contact because it was a cheap thin strip of metal and did not have a good enough bend in it to make solid contact with the cap electrode. Some of them can have the metal contact that signals your spark to the cap's electrode be too short and the gap can be too large for the spark energy to jump it and fire the plug.
---Check the distributor shaft that the rotor sits down onto. It could be bent or have a bad bushing causing a wobble and possibly creating a large air gap that the spark can't jump - so check the distributor shaft for wiggle/play.
The Reluctor wheel that triggers the plugs to fire could be bad or grounding out. There are 8 "teeth" and do the same thing as points do in a points distributor. One of them could be bad/bent/grounding or who knows what - I know nothing about factory HEI's.
You checked the rocker arms and the valve adjustment looked good.
Looking good is not the same as the adjustment is good. The valve could be hanging open just a hair and you would not be able to see that. With the engine running, "Zero Lash" number 7 cylinder to make sure the valves are fully closing. Do a forum search and you will find how to "zero lash" your lifters. Watching the valve operation could also show a lifter not working correctly. Put a white mark on each pushrod where you can see it. When the engine fires up, the pushrod should be spinning and the white mark will be easier to see. It could take a little more than idle to get it to spin, but not much. If the pushrod is not spinning, this can mean the valve lifter is not spinning on the cam lobe - which is should do. No spinning could mean a bad cam lobe.
Just an odd problem to be sure since all other cylinders are firing. Do a few more checks/tests and give us the results.