A lot of good suggestions. One thing that hasn't been asked, when you put a timing light on the motor and rev it, does the mark move up balancer smoothly? It should cease moving up the wheel at about 3000 rpm (depending on your curve) but it should hold steady if the rpm is steady. If it jumps around a little, you might be getting into some timing chain slop. Friend had a Baja with a 502 Mag. Had a bunch of hours on it. Every once in a while it'd pop like yours. When we finally pulled it apart he did have a lobe that was wore down noticably.
Craig