Limp Mode

I have redone the timing belts,water pump,oil,oil filter, new distributor,new spark plugs.When i start the engine its starts and idles fine but it will not rev, when i try to rev it stalls and even drops in revs.(from 1000 rpm to about 500 rpm). Could this be a bad ground connection to the engine / distributor? Or timing off by two teeth?The engoine is a 1.6 i with a mp9 fuel injection system.I also notice that the fuel level sensor is faulty as it moves up and down and beeps saying no fuel in tank.