chaimv,
There are a few different approaches...this is mine.
Pull all the plugs...DON'T pull the valve cover.
Turning the engine over with the fan, put a finger over #1 spark plug hole (hole in front).
As you pull the engine over, you will feel a strong rush of air trying to escape beneath your finger.
Watch the viewing hole above the starter as you continue to pull the fan. The ball (or whatever) will soon appear. Line this up with the pointer.
This is TDC..top dead center on #1 cylinder...it is getting ready fire the plug.
Loosen the distributor hold down and center it so it will move equally both directions of rotation.
Pop the cap and see where the rotor is pointing. You can mark the outside of the case with a sharpie showing the location of the rotor.
Put the cap back on and put the plug wire for #1 cylinder in the tower of the cap nearest the mark you made.
Insert the remaining wire, in a clockwise rotation, in firing order sequence-- 153624.
You want the vacuum advance line attached to the unit at the distributor. When you time it with a timing light, remove the line at the carburetor and plug the fitting (in the carb).
Now drive to the market for some snacks!
Stuart
