The timing marks on the flywheel will align twice- - -once when both valves are closed, and again between the exhaust and intake strokes when the exhaust is closing and the intake is opening. Put a couple of pushrods into the lifters, and watch their movement as you turn the engine by hand. When both lifters are at the bottom of their travel and the BB in the flywheel aligns with the pointer, you can time the distributor to fire the #1 spark plug. It's a lot simpler with the head on, but it's not absolutey necessary.
Jerry