Perhaps you don't need to rely so much on that "bead" in the flywheel.
Pull out the number one spark plug. Have the distributor cap off so you can see where the rotor points. Have someone crank the engine while you hold your thumb over the spark plug hole. Watch the rotor, when the compression blows your thumb off the hole, mark where the rotor was at when that happened.
Place the number one lead in the hole on the cap that is closest to the mark.
Also, you know there is a screw on the vacuum advance that has to be loosened to move the distributor in the advance.
Doing this should get it close enough to fire up and you can time it by ear.
Sounds like the "bead" you're trying to set timing to may not be where it is supposed to be. So take it out of the picture for now.
