.....I'd add, instead of bringing #1 to tdc (compression), stop the balancer when the pointer is at the ignition timing you'd like to have -- say 14 BEFORE tdc. Then stab it like mussy says - with the rotor pointing towards #1 plug wire. That should have it close to the timing you want.
I wouldn't use the centerline to degree the cam. Use the .050" intake valve opening number off the cam card -- it's probably somewhere around 0 degrees TDC +/- 5 degrees. It's much easier to set it to that, than to accurately find the lobe centerline on the camshaft. You'll need a positive stop (screws into the spark plug hole) to accurately find TDC, and degree wheel and an stand/dial indicator to do the degree job ---- and an indexed timing gear/chain set of course.