I pull the number one plug, put a wrench on the balancer and turn it while I have my finger in the spark plug hole. Turn the engine until the mark on the balancer shows it at TDC. As the piston comes up, if it pushes air against your finger, you're on the compression stroke. Then just keep turning the engine till the marker shows it on the timing cover. No need to keep you finger in the hole once you know your on the right stroke.
Once at TDC, just remove the cap and see where the rotor points. That is number one. Then put the wires in firing order, 18436572. It doesnt really matter where you start number one as long as you get number one correct and follow the correct firing order. Dont forget which way the distributor is turning as you connect the wires.