You've got a pretty standard flywheel there. The ignition timing should be set with the "Ball" aligned with the pointer in the block window above the starter to fire the #1 cylinder 5 degrees before top dead center. The U/C mark indicates true TDC, and it's used for valve adjusting. You don't really need to have the engine running to set the timing- - - -just align the pointer and ball with the engine stopped, turn the distributor clockwise until the points close, and turn back CCW until they just barely open. Lock the distributor down, and the timing is set. To be really accurate, use an ice pick style test light and turn the ignition switch on. With the points closed and the light touching the terminal on the side of the distributor, the light will not burn. As soon as you turn the dizzy CCW far enough for the points to open, the light will come on. That method is as accurate as using a strobe light.
Jerry
