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Easiest thing in my opinion is to pull the passenger valve cover and watch the rockers for cylinder #1.
When they are both CLOSED with the balancer at TDC you can then install your distributor with the rotor pointing at the #1 terminal.
Keep in my mind you want to orient the distributor so you have some room to time the engine and the vacuum advance canister doesn't end up in the way of the water pump or etc.
Others might chime in to just remove a spark plug and put a thumb over the hole and feel for pressure and then bring the engine to TDC, but the engine will still push some air on the exhaust stroke as well.
Remove the #1 spark plug and put your finger over the hole. Move the engine over by hand until you feel the compression - that tells you the motor is roughly at 0 degrees TDC. Put the rotor at approximately the 1 o'clock position and drop the distributor in - that should get you in the ball park so that the motor will fire.
EDIT - looks like Josh and I posted at the same time.
i just replaced the valve covers also . i put an edelbrock intake and carb on my 79 351 m . i totally forgot to mark the distributor. so now i have it all together and nothing but gas squits out the carb. i took out all the spark plugs and turned the motor over to line up at o on the crank. i rem where the distributor sat with the vaccum advance forward and where #1 sits. i took the cap of and the rotor sits clockwise off the place where #1 sits. ??
ive taken out all the spark plugs and lined it up at zero . when you say one oclock is that from where num one is on the distrubutor ? i put the distributor in with the vaccum advance forward and the rotor doesnt line up with the one it is off the mark clockwise. ??
Sorry to misguide your post but I am curious. Why did you take the distributer out? You don't have to and it don't really make the job any harder by leaving it in.
i took it out with out marking it yes !! i realized it after. i put a new edelbrock intake and carb on and new valve covers. nothing but gas squirts out when turning the engine over. i lined up the marker on 0 on the timing marker and took the cap off the distributor and the rotor sits clockwise of num 1 . ive tried firing it over a few times and then realign it back to 0. still nothing ?
I always take the passenger valve cover off. Turn it over till #1 intake opens. Then I take a thin rod stick it in the hole. Continue to turn engine (rod will go down with piston). Continue to turn engine and when the rod starts coming back up watch it till it stops moving up, then turn engine back slightly.
Then I align rotor with # 1 and drop distributer in. Everytime I have used this method the engine has started right up the first time without any tweaking, then you can time it correctly with a light.