Yes, line the pointer up with the ball, after being sure the #1 cylinder is on the compression stroke. When you can feel pressure in the cylinder by putting your finger over the #1 plug hole as the engine turns, you're on the right track. Once the ball lines up with the pointer turn the distributor housing clockwise until the points close, then turn it back CCW until they just barely open. If you want to get it exact, use a test light on the distributor primary wire. With the points closed and the ignition switch on, the light will go out. Turn the dizzy housing counterclockwise until the light just comes on, and you'll be timed close enough to start.
Jerry
