Cam alignment after timing belt change
 

Seems like this is a common malady...

Here is what the cam gears should look like when properly aligned with the crank at #1 TDC:

https://www.miataturbo.net/attachmen...ine=1317664194

On the intake cam, the "I" is pointing upwards, and the sideways "E" is aligned with the "E" mark on the backing plate. The exhaust cam is set up opposite this.