Rick57,
It seems like you might be making this harder than it needs to be. The assumption will be that the flywheel is installed correctly to indicate TDC with the ball and pointer when it should. If you make this assumption, then when #1 plug is pulled out, a finger is held over the hole and air rushes by as the piston comes to the top of its compression stroke, the ball will become visible in the peep hole, and you can manually pull it to perfect alignment with the pointer.
Does this accomplish what you want or have I missed the thrust of your question.
Stuart
