I find the mark by pulling #1 plug and leave the other 3 plugs in the engine. Then I put my thumb over # 1 hole and crank the engine. When the compression stroke comes up both valves will be closed and the air pushes my thumb off the hole and I stop cranking. Doing it this way the mark slips by about Âľ of an inch or so and I turn the engine back by hand to feel for the hole mark on the pulley because it is small, maybe an 1/8 diameter.
I do not remember if the 4 degrees is on slopped side or the straight side of the triangle fixed piece on the timing cover, but yes the hole in the pulley is about a ÂĽ inch away from the pointer at 4 degrees. The adjuster on the distributor with move the timing mark as it moves the points about 4 to 6 degrees either direction.
steve