I just went through the same thing. Only I didn't try to deal with it until I had the engine back together and in the truck. All the advice I got from this site said I should line the "ball" on the fly wheel up with the pointer, and then put the distributor rotor in position to line up with the number one plug wire. I don't have a "ball" on my fly wheel, but I do have a circle. I used that, and I think I have the distributor in correctly. I'm now having another problem. I have spark to the coil, and to the distributor, and am getting spark to the plugs, but the spark at the plugs is very weak.
When I got my truck it had been changed to use 12 volts. It had a 12 volt battery in it, and 12 volt headlights, etc. It had set for about 25 years, so naturally nothing worked. I did not use the motor that was in it. The one I used had a starter on it, but that was about all. I used the coil and generator from the motor that came with the truck. There was a resistor mounted on the fire wall in the hot line to the coil. I managed to lose the one that was on the truck, but bought another one and used it. I know almost nothing about wiring a truck, so I have no idea what I have done wrong. Could it be that I am using the wrong coil. Are there 6 volt and 12 volt coils? Should I do away with the resistor? I noticed that the wires to and from the resistor were getting hot, along with the resistor itself. The coil was getting warm. Is this because I was cranking the motor a lot, or does it indicate another problem? My motor is a 1961 model, and I imagine that by that time the trucks came from the factory wired for 12 volts, while my 53 was almost certainly 6 volt. The wiring that was on the truck was in awful condition, so all that has been replaced.
I hate working with anything associated with electricty because I don't understand it, and don't know how to look for problems. About all I know how to do is use a test light to see if I have current. Beyond that, I am lost. Any help would be appreciated very much. Thanks Allen