According to the 59-60 manual: The ball is ZERO! 5 deg BTDC is the first short radial mark clockwise of the ball. Looking in the hole above starter. NOT drivers side. Set timing to that mark. Find approx. TDC of number one cylinder on the COMPRESSION stroke and set ball on pointer. Start motor and point timing light into hole. Turn dizzy CCW to get to the 5 BTDC mark. Tripple check the points to .019 new or .016 used. Set Idle to 475 RPM. Hook up the vac advance. If you have a U I C, then I guess flywheel was changed or different factories, so see below.
This is what pre'68Dave says about timing.
"The line between U and C is upper center, same at TDC.
The 5 is the timing ball, signifying 5 degrees before UC/TDC."
So if your fly wheel has UIC, and clockwise of that it has a ball with a five (5) next to it, set the pointer on the ball.
Dave has said he gets good results closer to 10 BTDC. tclederman has commented that factory timing was calculated/tested/decided/specified with era gas quality and at unknown altitude.
Seems like you are fairly near me. You may be at 1500-2500 above sea level. Timing/atomization/vaporization is affected by altitude. (More advance needed).