Once you figure when the compression stroke happens on #1 with the rotor pointing to #1 in the Dist cap with the method as mentioned above - get yourself a piston stop - I think at Jegs/Summit they are like $10 or so. Back off the engine a bit. Screw it in the #1 plug hole, then slowly rotate the engine the same way you were doing it until the piston hits the stop. Note where this is on the balancer. Then rotate the engine in the opposite direction (slowly) until you hit the stop again. Note where this happens on the balancer. The exact middle of the two marks should be 0* TDC or your balancer is whacked.
Hope this helps.
Don