That "electronic pickup" is probably a "Pertronix" system. They come in two types- - - -the ones that have failed, and the ones that will fail soon. I'd strongly advise acquiring a spare distributor with conventional points, and keep it in the truck so you can get home when the system craps out a long way from home. Those things are about as welcome among most stovebolters as a good case of hives!
Most flywheels with just a dot and no other markings have the dot positioned at 5 degrees before top dead center. If you have a strobe light, just align the dot with the pointer with the engine at a slow idle. Some people choose to disconnect and plug the vacuum line at the distributor while setting initial timing. The dot and pointer was originally intended to be used setting timing with the engine stopped, using an ice pick type test light.
Jerry
