SC3100,
What you describe that you are going to do is OK but unnecessary. I think your conceptualization on how the distributor gets lined-up is a little off.
Once the distributor is in place, the rotor could actually point anywhere.
After rotating the engine and having the #1 cylinder at approximately TDC, many people try to install the distributor body so that #1 is at about 5 o'clock relative to block.
However, you could install the distributor in any convenient orientation (as long as the distributor body/clips/grease-cup clears the side of the block).
Then rotate the distributor body so that the rotor points to any lead on the cap. Clamp the distributor.
Then place the lead from that contact in the cap to the #1 spark plug.
Then place the other ignition wires CLOCKWISE on the cap in the following order from #1: 53624 (for a firing order of 1-5-3-6-2-4).
This will get you close to the correct timing setting.
If I am wrong or unclear, someone will correct/clarify.
