I very much doubt wether its the timing, or a rev limiter
To me, what you have described is a problem that sounds like it has something to do with engine movement.. when you gun it in 1st gear, you will get excessive engine movement, more so than any other gear, check your engine mountings for excessive movement, split rubber etc. do this by getting someone competant in the car, handbrake firmly applied, bonnet open.With the engine running, 1st gear selected, go up and down on the clutch pedal to get the car "rocking" but not moving off... look at the engine, does it look like its trying to jump out! either way, check the induction pipes on the fuel injection, are they lose, or split in any way that might let them suck in air, excessive movement can pull on these pipes, and also wires! (you have the classic symptoms!) also check if you can get it to go over the redline, by operating the throttle from under the bonnet, if you can, check your pedal for full movement, and no floormat is stuck under it!!... seen it many times!
If none of the above, I would start with a new fuel filter, its possible that your problem could be fuel starvation, (filter blocked) and again, work your way up to the engine, looking for a damaged, or collapsed fuel pipes
Hope this helps
Tom