Hey Fabion! I resemble that remark :rolflmao:Wow Frankenstein...
at this point I should ask if you've ever seen Mel Brooks Young Frankenstein, but then I'll get way off the subject...
All joking aside, since you've got the oil pan off, I would also consider pulling the valve cover, to me this is will help with the most infalable way to find and verify TDC, as 69.5 Mav suggests. Since you're there it would not hurt to be sure. When #1 piston is going up and both valves on #1 are closed you are on the compression stroke at the top of that stroke is TDC. You want to put the piston in this position and verify that the distributor rotor is pointing to the plug wire on the cap that leads to #1 cylinder. To be sure, if you rotate the crank too far and #1 piston is now coming down both valves will still be closed and you just passed TDC. This is the combustion stroke...4 stroke engine (stroke 1 up) w/both valves closed is compression stroke, (stroke 2 down) w/both valves closed is combustion stroke, (stroke 3 up) w/exhaust valve open is exhaust stroke, (stroke 4 down) with intake valve open is intake stroke.
You might already know all this but again with oil pan and and valve cover off you have the opportunity to verify without doubt TDC. You could triple check this with a probe, but I'll spare you that for now. you should be able to visually tell #1 is at the top with the pan down and verifying #1 piston rod is at it's apex. After you are sure you're at TDC (piston at the top...not before and not after) the rotor should be pointing to the plug wire on the cap that goes to #1 piston, you can now check where the timing mark is on the balancer. If the rotor is not pointing dead on the plug wire on the cap for #1 but is close, then that reflects the advance or retard in your timing. Again when piston is at the top with both valves closed the timing slash/marke on the balancer should be at 0* advance/TDC relative to the scale on the timing cover. I would put a streak of white out on the timing slash on the balancer, it makes it alot easier to see with a timing light later. If the slash is not on zero/TDC and is actually well off the timing scale on the cover then your balancer has slipped(wouldn't worry about it at the moment), and it will be best at this point to set the timing by vacum till you get the balancer replaced. After this, immediatetly check the firing order and make sure it is correct, and all plugs wires are solidly connected. If for some reason the rotor is not pointing at #1 (or relatively near it) once you are sure you're at TDC you can restab the distributor or re-order the plug wires to make the rotor point at #1. Tell us what you find, and we can go from there.
Next would be setting the point gap, but while you're under the cap anyway make sure the little arm coming off the vacum advance at the distributor has not come loose and you do not notice any excessively loose parts within the distributor (points are not moving around, distributor plate is not loose, etc.). Are you running your vacum advance off the black rubber line that attaches just below the carburetor in your picture above?
Good luck
3EDITs: my oldtimer's isreally catching up with me