Tony, I know some people start reading and go right to sleep. So I'll make it short.
The distributor gear ratio makes the distributor turn at 1/2 the speed of the cam, so you're right!
Now, the best way to set the engine at the #1 firing position, especially if the distributor is out, is to remove the plugs, hold your finger over the number one plug hole, and turn the engine by hand (I use the fan blade on a clutchless fan) until the pressure starts to blow your finger off the hole. Then turn the engine until the timing mark is lined up.
Good night and sweet dreams. :p
