[RahX]

No it needs to point at the #1 position on the CAP which is in the direction of the #1 plug. Using the marks on the balancer/timing cover to get it near TDC on the compression stroke has always worked well for me. When you drop the distributor in, set the rotor just a bit behind the #1 position on the cap so the rotor will slide into the right position. Also, don't get #5 and #7 backwards, it is VERY easy to do.