Assuming you're starting this procedure with the dist out.
1) Pull the valve cover so you can observe the 2 valves on cyl #1.
2) Rotate engine until you can center the BB (on the flywheel( on the pointer in the timing hole.
3) Check the rockers on cyl #1, both should be loose, this should indicate that cyl #1 is on the compression stroke. If not spin the engine a full revolution and check them again (as the previous position was on the#6 compression stroke).
4) put the rotor button on the dist and attempt to install it with the rotor pointer aiming between the 5 & 6 oclock position. Before you install observe in what direction the bottom tang of the dist is pointing. Then shine a flashlight down into the dist hole and using a screwdriver turn the oil pump slot that alighns with the dist tang so that they will engage when you drop in the dist.
5) install dist. Keep in mind that you'll have to turn the rotor clockwise a position or two while dropping it in as it will turn counter clockwise once it meshes with the cam gear. You'll know it's properly installed as it will drop all the way in and you won't be able to manually turn the rotor past where the mechanical advance unit will let you and it should spring back.
I like for the grease cap to be between the 6 oclock and 9 oclock position when installed.
Good luck
Dave
Assume 12 o'clock means the engine block?
After doing the steps you outline...then put the #1 spark plug wire down at the rotor position and the others clockwise in firing order from there?
Nice procedure...easy for me to follow. Just want to make sure I understand correctly.