If your timing mark is under your water pump, your distributor is out by 1 tooth or so.
I just went thruogh all this with my inline 6. It makes no difference if its there, but a timing light is of no help in this situation.
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1971 Chevy 1/2t, 350 -- SOLD
1998 Yamaha V-Star 650
1970 Chevy 3/4t, I6(freshly rebuilt), 4 speed
Keokuk,IA
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