Just read posts since my last one before dinner...dont worry too much about location of #1 for time being...but, you should not be able to just twist the distributor...
The carb is flooding, most likely due to incorrect float level or junk under needle and seat...Is there an inline fuel filter between fuel pump and carb?
I would not suggest you pull the carb apart,,,way too many things can go wrong there...but perhaps you would be better off with an exchange carb from an auto parts store?
With the engine running, twist the distributor counter clockwise a little bit at a time...no more than 1/4" movement at the vacuum canister...you should notice an increase in engine speed...if it does increase speed,lock it down temporarily and put the timing light on it...HINT...Shut it off, clean the balancer and timing mark tab so you can see the lines...on the balancer, there is a slice mark across the outer ring,,,mark it with some white chalk or marker pen....makes it easier to see...remove and block off the vacuum lead to the advance canister on the dist...start the engine again and set the timing to 12 degrees...and lock the dist down...then reconnect the vacuum line to the canister.
Setting the timing this way will give you a baseline to at least start with.
Once the timing is set, the carb will be your biggest challenge.
If there is no inline fuel filter between pump and carb, make sure you put one on before you fit any replacement carb...lots of tiny rust particles in these old fuel systems.
Post your results...
Also, make sure firing order is set 1,8,4,3,6,5,7,2 with drivers side engine from front being 1 3 5 7 and passenger side 2 4 6 8 .
Stay cool dude...
