1984 Jeep Wagoneer engine noise diagnosis & repair

Engine Performance problem
1984 Jeep Wagoneer V8 Four Wheel Drive Manual 130k miles

Hello! My V-8 engine(360) suddenly started making a loud noise that sounded like a hammer hitting an anvil and suffered a significant loss of power. At first I feared the worst, but upon closer evaluation, I discovered the noise to be what I believe is a backfiring noise. I checked the timing and it was accurate. I began removing the spark plug wires from the distributor one at a time, and putting each wire back on before removing the next. When I removed the wire to one particular piston chamber, the noise stops completely, and the engine sounds normal, except for what you would expect from unburned fuel in one chamber. What would you suggest is causing the problem, and a solution. I cannot afford to take it to a mechanic at this time. Thanks - Liam