So this is the part I've been dreading, as I still don't quite understand engine timing, even after multiple YT videos.

On my crankshaft pulley, I have a mark at "0" and a mark between 6 and 12 in the before TDC section. I have the engine on the compression stroke, as it blew my finger off the #1 spark plug hole and it's at TDC right at the 0 mark.

Do I crank the engine back around to the before TDC mark and drop the distributor in there?

I didn't mark the distributor before removing it, but it had some markings on it already and I took photos. Would I just line it up in the same way as before? Do I turn the rotor to face the number 1 spark plug wire?

 

ok...first...be absolutely sure that the #1 cylinder is at TDC

next...note on the dist cap where the #1 cylinder plug wire is ...

now...install the dist into the engine....when it's all the way in, the rotor should be pointing at the # 1 plug wire spot noted above........you may have to remove the dist and reinstall it a time or two since as the gears mesh the rotor will turn slightly as it drops in.

it doesnt have to be exactly" perfect" yet because you are just setting a preliminary timing so that you can start the engine......then you'll adjust the timing ( turning the dist) with the engine running to get your timing marks alligned...

and then>>the factory setting of 5 degrees may not be quite good enough....as these parts wear ( cam chain & gears) you may end up closer to 9 degrees....

the old seat of the pants timing method would be to advance the timing a little at a time driving it untill you hear spark knock upon accelleration....the back it off some...that will give you the best performance

 

Awesome, thank you so much!

 

I can't seem to get it to point exactly at the number 1 spark plug wire. It's either too far clockwise or too far counter clockwise. Too clockwise happens to be where a red mark was made. I attached some photos. The #1 spark plug wire is basically midway between that brass colored screw head and the darker perpendicular screw on the distributor. Is either close enough?

 

You can rotate the housing to be more accurate. I like to have the dizzy turned just a hair before #1 fires, motor slack.

 

lrnoob, the way ihscouts is describing to install the distributor is exactly they way you should, and how it's done in RAVE.
In case you are missing that page see Step #4
Remember to lube the o ring, and put a little grease under the bottom flange of the distributor were it sits on the front cover.
It makes things move very easy when it's time to set the timing.