LGriffin,
Sorry, my post was incomplete. You address question #2, or how to avoid the problem of being 180 degrees off on the distributor. I found the second method you noted easier, myself. With the #1 spark plug out it is obvious when the #1 cylinder is in compression. I've never done it by pulling the valve cover and watching the valve positions. I've been told that it is easy to confuse which valve is open and which is closed (exhaust or intake). It also seems a lot easier to just remove the #1 spark plug and replace it than to remove the valve cover and reinstall it.
