Aloha Bill,
Get the pointer on the engine at aimed at 8*BTDC on the crank pulley. I find that in order to avoid confusing myself, I want to get the crank pulley mark in position on the compression stroke of number 1 cylinder. With the distributor cap off, the rotor should be pointing near to the number one high tension lead. Disconnect the low tension lead between the coil and distributor. Connect your static light (I use a scavenged dash illumination light) between the distributor terminal and any convenient 12 VDC source (battery terminal will work). Loosen the clamp at the base of the distributor and slowly turn the distributor counter clockwise the light just come on and then clockwise until it just goes out. This is the point of ignition, re-tighten the distributor clamp. Reconnect the low tension wire between the coil and distributor and you should be set a 8*BTDC.
Another thing is to always rotate the engine clockwise when getting the crank pulley mark in position. If you over shoot the mark don't back it up, because the timing chain tensioner may not allow the crank shaft motion to be transmitted to the cam shaft.