I have to replace my original distributor on my crate engine because of clearance issues. I am installing the new distributor and need to know the easiest way to drop it in. I have been told to hold my finger on the #1 plug and crank until I feel the compression at which point would be the ignition phase. So then I would drop the new distributor in and point the rotor to the #1 cylinder. I was told that this would get me close and I could put on a timing light afterwards. Is this the way to go or is there an easier more accurate way?

If the old distributor is still in the motor.... make a mark on the valve cover where the vac can points, slowly pull the old one up just till the rotor doesn't turn anymore, and make a mark wherever it happens to be pointing. yank the old, slide the new in with the rotor pointing exactly where the old one did. The new one will stop about 3/8" from all the way down. Bump the starter and it will fall in the rest of the way. Turn the dist body until the vac can points at your other mark. Bolt it down, wire it and fire it up.

Thanks for the info JimM, but the distributor has been out for a while now and was not marked when it was pulled.

Well then, the way you said. Bring it around until the timing mark on the balancer is on the advanced side of the timing tab. Figure you want the vac can halfway between the manifold and the carb. mark on the body where the #1 post on the cap is, pull the cap, drop it in. Start the gear 1/2 of a wire position counterclockwise from your mark. It will drop till it's almost there. Bump the starter and it will fall in the rest of the way.

If I look at the timing tab then the advance side of the tab would be above the tab? or below the tab?