Since the engine runs, this would indicate that you probably dropped the ignition unit correctly.
To do this job right, you need a timing light--available at parts houses, sears, walmart, etc. Connect light to battery and induction wire to #1 plug wire. There should be a hole in the flywheel housing right side. Bump engine over until you see a timing notch on the flywheel. I paint the mark with "white-out" to make it easy to see with the timing light. Crank engine and run up to 1600 RPM. Squeeze the "trigger" on the timing light and aim it at the timing hole. The timing mark should be visible in the center of the timing hole in the housing when the #1 plug fires--which in turn lights the timing light. If it's not, loosen the nut and turn distributor until the mark appears in the center. Retighten nut when the timing is adjusted. The orange glow you mention indicates too much advance and pre-ignition is occuring--meaning the spark plugs are firing while the pistons are still on the upstroke but before the specified advance point of 25 degrees BTDC. A red-glowing exhaust manifold is normal on a heavily loaded engine that's been running awhile, but not on one idling or under light loads. The extra noise may be a fuel knock which occurs when the combustion explosion occurs before it should. Continued operation in this condition will melt holes in aluminum pistons. Hope this helps.