Timing with converted 5.0

So, I haven't been on in forever- a LOT has happened since I was a regular poster. Today's ongoing hassle is trying to get my 68 running. I swapped out the 289 that has NO oil pressure now, once it warms up. That will be a separate thread.
I installed a 5.0 out of a 93 Cougar. I left the front dress the same as the 68- passenger side outlet on the water pump. The engine runs, has about 60 lbs of oil pressure, but I can't give it any gas or else it starts popping like mad out the exhaust.
I pulled out the distributor, and am trying to set my initial timing. The problem is that with the passenger side outlet, I can't see the timing marks while trying to ensure 0 deg and #1. This is really starting to irritate TF out of me. Should be simple enough to at least find #1 and top dead center. The 5.0 timing mark seems to be almost straight up under the water pump when I try and hold the timing pointer that came with the engine in its place, to see how far out I am at the distributor.
Any suggestions?

Yes, I'm keeping the carb. I've looked at the timing tape but I don't have the tools to find perfect TDC. I already had to cough up for a set of pulley's from CVF racing. Great product, served the purpose and look nice too. I know summit makes a balancer that works perfect ( 3 sets of timing marks) for 5.0 and 351, that has a 4 and 3 bolt pattern. I tried to look at it again, and it says it won't work for a 93 5.0.
I am going to try and fix the 289 that came out, and so all the money I spend to get this motor driving again, takes away from any repairs on the built motor. Plus I am trying to get another engine to the machine shop. My dad used to tell me this is a rich mans game. He was right....

So, I taped a "T" pin to the 0 mark, at TDC. My problem was that my distributor was flawed, and this is why it was backfiring out the back.
Now I can make a mark and use my adjustable timing light to set initial timing.