Now, at where you have the cam timing, if you drop in the distributor, you will have exactly zero degrees of ignition advance. Best way to get the ignition timing right is to install the balancer and once again rotate the engine, two revolutions. Well, almost two revolutions but on the second one stop the mark on the balancer at like 10 degrees BTDC on the pointer. Then drop in the distributor and line up the rotor with the #1 tower. This way it will have 10 degrees of advance and it should start right up with no wasted cranking.
Don't forget to check the ignition timing after you get it running with a light though.
Oh, btw. You have to rotate the crank two revolutions (720 degrees) in order to rotate the cam one revolution (360 degrees).
Mike