I'm working on a friends 93 honda civic dx D15b7 and it has no power untill high rpms and has a bad misfire. I think the misfire is do to the sparkplug boots coming apart but the timing might be off one tooth also. If the belt was off one tooth would you still be able to time it at the distributor and line up the red 16 degree mark?

 

If it's off 1 tooth it'll a little be hard to adjust to where u want it.
1 tooth make a lot of difference

 

Bad spark plug wires will definitely cause a misfire. If the timing belt is off a tooth it doesn't matter if you can get the ignition timing set right, because the cam/crank timing will still be off one tooth which can/will cause poor performance.