88 Timing Tab Degree Ref Points

Trying to time my sons 88 5.0 (no h/o) Bird. The timing tab has a small circle at the bottom that you can seen the harmonic reference in. What is the timing value in degrees at that point. What is the degree value at the big "V" slash just above the circle.

Can I use a regular light to set timing or do I need something special?

Thanks Mike