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You can be 180 out of phase meaning the plug will fire at TDC on the exh stroke and back fire out the carb, the eng will tell you real quick if this is the case.
From: At my Bar drinking and wrenching in Lafayette Colorado
You can make any post on the distributor cap your #1 post by pointing the rotor to that post when #1 is at TDC on compression stroke. As you state, just run the wires in the right firing order from that point and the engine can be timed and it will run just fine - no problem.
But why would you want to do this? Why not just install it correctly and put #1 where it's "supposed" to be?
From: At my Bar drinking and wrenching in Lafayette Colorado
It's all a matter of how you drop the dstributor in: If the engine is set up so that #1 is at TDC on the compression stroke, you can drop the distributor into the block in any orientation: wherever the rotor happens to point, you can make that tower the #1 tower and correctly time the engine.
But if you want to install an HEI "correctly", the distributor body should be installed so that the ignition coil is "square" in the engine compartment with the wire harness connector straight out on the driver's side of the distributor. With the distributor installed "square" in the engine compartment like this, the #1 plug tower is the forward driver's side tower. The rotor should point directly to this tower with the engine #1 at TDC on the compression stroke.