It looks like the edge was flashed out on your pic. I'm not using the half circle you mention, I see that in your pic too. I'm using the pointing edge, it actually says 'TIME' engraved on it. When I aimed the light at it today, I could see my drawn timing mark about 1in below it, closer to your half circle. Remember, my timing mark is drawn at exactly 0* and not 10* where I set my base time.
I know I'll figure this out eventually!
The HB should have timing marks and numbers etched into the surface. If it's rusty get some emery paper and polish the surface. That way you won't have to guess where the timing is relative to the 0 you marked on the balancer. If the balancer is old it may have slipped on the rubber between the hub and out ring. If that has happened the timing marks have no value and the HB must be replaced. That could also explain the rough idle.