That is pretty close to how I do it. Trace the no. 1 distributor wire to the cap and put a vertical chalk mark on the body of the distributor directly under the No. 1 plug wire tower on the cap. Remove all the plugs and cover No. 1 plug hole with your thumb or finger, and rotate the motor around until you feel compression coming up. You are now on the compression stroke for No. 1. Now, using the bell housing indicator and the marks on the flywheel, line up for TDC. Put your plugs and wires back on, pull the cap and look at the rotor. It should be pointing at your chalk mark. If its not, loosen the distributor (use the screw on the clamp and not the bolt on the octane selector plate) and move it until the rotor is pointing to the chalk mark and tighten it down. You are pretty close to, if not actually on, TDC and should be able to fire the motor right up and fine tune with a timing light.
Last edited by Dragsix; 10/02/2019 4:22 PM.