Cam timing is set with #4 on compression stroke. At this point the line on the cam is pointing up. Its located on the front bushing, not the timing gear. What I used to do is, with the head off, turn the crankshaft to TDC. Take off the distributor cap and see if the rotor is pointing to #4. If it is not--rotate crankshaft one more revolution to TDC. With the head back on in this position both rockers on #4 will be a bit loose (rattle with some play in them, valves closed). At the same time #1 will have play in one rocker (intake valve) and no play in exhaust valve rocker as the valve is pushed open. At the next crankshaft revolution the process is reversed.
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