The red mark on the balancer is the TDC mark for #1 cylinder. It is relatively accurate as long as the balancer doesn't have a "spun" outer ring.
The red mark on the chain cover's timing index is at 12° advanced. No doubt, the previous owner, set the initial advance at 12 and used the two red marks to do that. He or she would put the timing light on the index and when the two red marks lined up, the initial advance was set at 12.
The four white marks on the balancer are at 34°, 36°, 38° and 42° and the dark-colored groove is 40° advanced. Looks like someone took the stock balancer off and had a mark machined in the rim at 40° then added additional chalk or paint marks. All those marks were used to set the total advance by, first, disconnecting any vacuum advance, then using a timing light to line up the appropriate mark (34, 36, 38, 40 or 42) with the zero mark on the index.
Clearly, someone was doing some pretty detailed distributor tuning using a timing light and the stock balancer.