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bring the #1 piston to top dead center 0 deg on the hrmonic ballancer and then drop the dist in so the rotor button is on the #1 plug wire hole in the cap. keep in mind you could be 180 deg out. if so, it will back fire out he carb. if this is the case bring all back to where you had it and pull the dist. rotate it 180 and reinstall. then it should be fine. good luck.
and then.....
adjust points to factory specs and use a timing light. Loosen and rotate distributor. You need to get a book on your truck.... it will have all this information in detail. BTW, it is not hard to upgrade to a duraspark factory electronic ignition... you can prob get all the parts at a junk yard for $50.00 or less.
hey Face, it's not real hard if you know what you're doing, but if you don't it can be tricky. the points adjustment (dwell) changes the timing(distributor adjustment). this means that you have to set the dwell first. this can be done using feeler gauges, but is more accurate when checked with a dwell meter. this is an electronic device that measures the adjustment of the points. it may take a few or more tries at setting the points and checking the dwell to get it where you want it, which i believe is 30-33 degrees. to set the points you remove the dist cap and rotor, then turn the engine or the distributor until the point cam is on a high spot and the points are fully open. then loosen the hold down screws a little bit and make your point adjustment, tighten the screws, replace the rotor and cap. i recommend installing a new set of points as long as you are in there, they don't last forever and have a big effect on power and mileage. then you have to adjust the timing. this is done with the vacuum line to the distributor disconnected and plugged. hook up your timing light to the front pass side plug wire and the battery, clean off and get familiar with the markings on the harmonic balancer. strat the engine and aim the timing light at the pointer and timing marks. turn the distributor until you have the setting you want. shut off engine and tighten the distributor hold down clamp. start the engine and verify that the setting didn't move. there are shortcuts and other tricks, as mentioned earlier , you can get a module that replaces the points for about $90. a good set of points will cost close to $20, so for the price of 5 sets of points you can never worry about it again. and the engine won't run like crap when the points are shot every time. well worth it if you plan on keeping the vehicle. any questions just shout back.