There are 2 'timing' marks on the crank pulley. The correct timing mark is when piston number 1 (ie the one that would be nearest the coil cover in the engine bay) is at the top and on the spark just after the compression stroke ie both rockers on cylinder 1 both not touching the valve tops ie you can physically wobble the rockers ant fit a dekker gauge in add though you were doing the valve clearances. The second timing mark on the pulley should be in roughly the 7 to 8 o'clock position when viewed from behind the engine as though you were looking at it from the back of the car with the bumper removed.
At the above point you should turn be able to fit the drill bit in so that it goes into the engine crank to lock it in place. This may involve moving the crank backwards and forwards slightly so you definitely get the bit in to fix it in place, confirmed then by not being able to move the crank at all by hand.
Once the above is done, adjust the timing mark scale above the pulley and the distributor timing mark, ideally such that the distributor adjustment hole that is around the stud is in the half way part of adjustment.