OK, time for an anecdote and confession.
First the confession. I screwed up even the basics about TDC and installed the distributor off by one tooth.
But the full story is that I put a new (old) tripower manifold on my '66 zz440, new carbs, the whole nine yards. Absolutely had #1 at TDC. Put the distributor in and went to fire it up. Took a lot of fiddling with the distributor location but I finally got it started. It seemd awfully advanced to me when I fired it up but I figured what the heck, it's running OK. I never got back to it because I had other things to do.
So, one day I decided to put the light on the balancer because I knew it ran fine but was incorrectly set up. I was certain that I was on wire #1 and hit the light button. WTF is the line? Can't even see it. Note this is a factory timing tab and balancer on a new GM crate motor.
Since the light was a dial back, I started walking back (advancing) the numbers. I turned and turned and turned and finally got the line to "Zero" at 52* advance. Yup, 52* at base.
Whether that was accurate or not, I pulled the distributor cap and when #1 was at TDC (Boy, did I get good at doing that), the rotor cap was actually pointing half way between two posts. So if it wasn't 52*, it wasn't far off. Nobody believes the engine would have started.
She's really much happier now at 12* BTDC.
Eh, one tooth here, one tooth there, whatever. :W