First image is the ignition distributor. I've attached a picture of what it looks like from the bottom. On the right, you'll notice an oblong opening in the "wing". This is where the holddown/adjuster bolt is.
The second image is the timing marks you need to look at while setting the timing. The pointer is dead center above 0 (zero).
Hook up the timing light, start the engine, and loosen the holddown/adjuster on the distributor. Point the timing light at the timing marks. SLOWLY turn the distributor while watching the marks. The light will flash every time the #1 plug is fired, allowing you to see where the pointer is in conjunction with the timing gradients on the pulley.
You may want to loosen the adjuster bolt before you start the engine.
Image (Click to make bigger)
Monday, February 6th, 2012 AT 11:52 PM