I actully have a tube that my dad built for a compression tester that I used to have that I can fit down to the plug hole and be able to feel pressure out the top. It doesn't screw in, but has a rubber cone that will seal the hole, I found that last night, will try today.....You could remove #1 spark plug and use a plastic drinking straw to confirm your engine was at TDC for #1 and not a full crankshaft revolution "off" when the pulley marks line up. Do NOT use a pencil to do this !!!
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I"m not hearing bad noises, but it seems to me that the engine timing should prevent valves hitting pistons. That hasn't been changed. Ignition timing, while it can cause problems, isn't going to effect engine timing.Five notches on lower pulley are correct....you need the left most one for TDC.
First I would double check to make sure everything is connected (especially plug wire orientation). If the timing were that far off, I would wonder if the valves could hit the pistons even just during starting attempts, so if you arent hearing any bad noises Id start with checking connections first.
And yes, my understanding is that it is possible to end up at TDC on exhaust stroke. I actually "rented" a compression tester so I could know for sure when I was on compression stroke of cylinder 1. Since my distributor wasnt removed, I could also tell by the fact that the rotor was pointing at the #1 plug wire. Since your distrib was removed, the compression tester might be the best way.
