jb,

I use this simple technique. You need a vacuum gauge.
Other's might post the slight correction that could be made to this timing adjustment. I have used this technique for many years on all my old 6-cylinder GMC/Chevrolet engines.

There are timing marks on flywheels. They usually have a TDC/UDC mark (usually a BB/ball embedded in the flywheel at Top Dead Center / Upper Dead Center), and they usually also have a timing mark (different degrees of TDC, depending on engine and year).

I think my 1959 and 1960 261s did not have an embedded ball, they had marks.

You can do "static" timing or dynamic timing (timing light) with those marks (hoping that you have the correct flywheel for your engine).