"bogging" on accelleration could indeed be a timing issue. As for the timing mark, not sure about a '61, but earlier versions used a steel ball, referred to as the "BB".
But first, set the points. If using a dwell meter, set to 28 - 35 degrees. If using feeler guages, .016" for used points, .019" for new points. Then disconnect the vacuum line at the vacuum advance unit and plug the hose going to the carb. Start the engine and let it idle, connect your timing light to the #1 plug (closest to the radiator) and point the light at the hole in the bellhousing just above the starter. Since your engine is running your timing should be in the ballpark. Loosen the distributor and rotate it around until the ball lines up with the pointer. Tighten the distributor down and give it a try. I like to time a 'bolt more advanced than the book says, they run better. As long as it doesn't ping under load, you're o.k.
Good luck, and have fun!!
