It depends on whether you've got a stock crank pulley or one with degrees printed on it.
The first thing you do is set the valves. Then look at the crank pulley. If it's stock there's a notch in it. Some people put white paint in this notch to make it easier to see.
Next, get a timing light and a 10mm nutdriver. Hook up the timing light and start the engine. Hold the distributor in your left hand, loosen the distributor clamp and point the timing light at the crank pulley. Pull the trigger on the timing light and look at the pulley.
Stock pulley: notch pointing at the seam in the engine case. (If you have three notches on the pulley, use the one to the right.)
Degree wheel pulley: "5" mark to the left of the 0 line pointing at the seam in the case.
Slowly turn the distributor until the mark lands where it's supposed to.
Now for the important part: grab onto the throttle lever on the carb and pull it toward you as hard as you can. If the engine doesn't lose RPMs before it accelerates, you're done. If it does, turn the distributor just a tiny bit and try it again.
Once you're done, tighten the distributor clamp and call it a day.
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