Yeah, I have seen the "BB". I saw it when I used it to set tdc for valve adjustment. It was even very shiny which means it should have showed up in the window, assuming the timing light was doing it's job. But no matter how much I moved the distributor, the bb was not visible. Maybe painting would help but it is also a possibility that this has the flywheel from the original 216 rather than the one for the 235 currently in the vehicle. Of course, were that to be true then I set the valves wrong too.
I may have another go with the timing light now that I have monkeyed with the distributer a bunch. However, it starts right up, runs well and the pingimg is almost gone so things can't be too bad I suppose.