The flywheel has an offset stud and only goes on one way. I don"t know what manual you are using but you should get the genuine Ferguson Shop Manual. A lot of this info is in there and you can find them for under $20 plus shpg.
What indications are telling you that the piston is at TDC on the compression stroke with the 7° BTDC timing mark at 6 o"clock? Move the timing mark til it shows 7°BTDC in the notch of the timing hole and look where your piston is at, making sure both the vaves are closed on #1.
An easier way to do this is to pull the #1 plug, hold your finger on the #1 pug hole, nudge the starter till til you feel pressure. That indicates you are on the compression stroke. Now nudge the starter til you see the 7°BTDC in the timing hole and rotate the engine by hand to set the timing position in the timing notch. Then loosen the distributor, pull the plug wire off #1 hold it near a good ground with ignition on, rotate the distributor back and forth til you hear the spark snap. At that point you are statically timed. it may take you af ew times to get it right and when you feel you do, then tighten down the distributor and start "er up.