If all you want to do is put in the distributor do what was posted above...but if you want to find true top dead center then The only right way to do it is with a degree wheel and piston stop. Degree wheels don't cost that much...but probably difficult to use in the car. You could possibly try some of that timing tape on the balancer to sort of use it like a degree wheel. Put the piston stop in the plug hole ,rotate the engine BY HAND!! until it hits the stop, make a note as to where your timing pointer is at on your degree wheel or balancer marked with the timing tape, rotate it back the other direction until it hits the stop, note the location on the degree wheel again...remove the stop and exactly half way betwween those two points will be true top dead center.
I hope I didn't screw that up too bad. :? Someone Correct me if I explained that wrong.