The standard position is the first post to the driver's side of the points access window.
Not to confuse you, but you can drop the dist in anywhere you want as long as #1 piston is just shy of TDC firing. Wherever the rotor points, that is #1 and you wire the firing order clockwise from there.
As a general rule for GM, #1 position should roughtly point in the direction of number one cylinder. BPOS is right - technically it doesn't matter. Although, in some positions the vacuum canister can prevent you from adjusting the timing since it will bind up on the intake manifold or other stuff.
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