Until you put that cam in there, the #1 is just at TDC. The cam position determines what part of the cycle it's at.
Before installing it, make sure you have final torques on all the bearings (plastigage them all first, not just one), and have rotated the motor 30-40 times to bed in the rear oil seal.
Determine the balancer is correct by dead stop method - that aligns the degree wheel. Then as Sleeper says, do the cam. Buy a solid lifter (and differing pushrod if necessary) to measure the lift; take your 50 thou open and close points, halve the difference and note it. Measure your lift at TDC and compare that to grinder's spec. Both should match the cam card pretty close - or you could average the discrepancy. And yes, for the time being straight up is the best way to align.
Don't forget a healthy dab of assembly lube to replace what wiped off that first lobe; now is the time to drop all the lifters in (assuming you have attached the oil pan and front cover prior).
NOTE WELL: There is now
NO need to rotate the motor again before ignition. As the cam will be on the base circle for intake and exhaust on #1, and you have ensured all your valves are the same assembled height on the head, you can set the other rockers (if adjustable) by measuring the adjuster heights off this pair.
Because you have verified your carb by running it on another car the day before, and tested your ignition off the motor, you only need to prime the oiling, slot in the dizzy and off she goes.

People go to all this trouble of priming the oil galleries, and then because parts are unverified or have sat months, they wipe all the pre-lube off the infernal parts cranking and cranking and...
Cheers, Adam.