Jack:
If the engine is assembled with the distributor more-or-less in the correct attitude, then, when looking down on the top of the distributor with the cap removed and with the crankshaft set at Top Dead Center of the firing stroke, the rotor should point more-or-less at 1-2 o'clock around the distributor housing. It should also be pointing right at the plug socket for #1 cylinder.
Somewhere in the vicinity of 1-2 o'clock there should be a small scribe mark on the lip of the distributor housing, right where the cap sits on the case housing. It's only 1/8" long, perpendicular to the housing circumference and often easily missed or overlooked, but it should be there.
THAT is where the rotor should be pointing at TDC of the firing stroke. In fact, there should be a corresponding scribe mark right along the center of the rotor, pointing at the scribe mark in the housing.
Go take a look and see if they are both there......
gn