Everybody else has said the same thing, but this is the way I do it....
Bar the engine over until the timing mark on the balancer is set to 0 on the mark. And if you just had the valve cover off, take it off again, and check the number 1 cyl intake and exhaust valves. If one is closed and the other is open, your on the exhaust stroke, so turn it over 180. If both valves are closed, your on the compression stroke (can also be tested by putting you thumb over the whole and feel for the puff, but not my favorite way of doing it).
Now, take a big long screw driver and set the oil pump drive to point just about the last intake bolt in the rear. Then set your distributor in. As your setting the distributor down, set it so the rotor is first facing almost 90° right, and as it meshes with the cam, it should grab the oil pump drive, and settle down, so that the rotor is pointing somewhere in the vicinity of the number 1 cyl. Adjust as needed until you get it where you want it. Make sure the distributor is settled all the way down to the intake face.
Now, take a marker, and mark intake, or something near by that doesnt move, where the rotor is pointing, and mark the cap, where the #1 spark plug stud is. Put the cap on, and rotate the housing until the 2 marks line up.
Now it's set at 0. If youd like to set a little base timing advise rotate the distributor a little more. I'd aim for about 8°-10° for a base set. Should run after that enough to set the timing with a light.
Remember this, the cam and the engine doesn't care where the rotor is pointing in the cap, as long as the rotor contacts the #1 point when the engine is at TDC. It could be facing totally backwards, and as long as its lined up it doesnt care.
Traditionally, youd prefer the #1 to be facing somewhere near the front, because that's the way everyone does it, and also, it makes hooking up the vacuum advance easier. If you do it that way, your vacuum advance should be facing the back left side of the carb.