Here is how I have been timing the engine in my '51 burb since 1973.
If you don't want to take the valve cover off, just turn the engine so that the rotor is pointing to the number one contact position on the cap. Watch carefully for the BB. When the BB is lined up with the pointer, you are good.
Taking the sparkplugs out makes it real easy to turn the engine over with the fan (use one hand to press the belt between the fan and genny or crank pully while turning with the other hand) I usually don't take the plugs out, but be sure the ignition is OFF if you don't take the plugs out.
I have never had a timing light, and I have always just static timed the engine. The trick is to loosen the bolt and slowly turn the distributor until the points just open. You will want to have correctly gapped the points first. Have the ignition on, and you may see/hear a little spark when the points open. Alternatively you can use a simple test lamp that has a light and probe to tell when the points just open.
At this point she should fire up just fine. Go for a drive, warm it up and then floor it in 3rd gear while going 25 or 30. If you hear the engine spark knock, you need to retard the timing a bit.
I have good power and fuel economy using this method, but it's not for everyone, and if you have a sloppy distributor, it may be hard to dial it in.
Kurt
