The distributor on the V8 has a gear drive. You can put it in with a certain number of combinations (due to the number of gear teeth). I used to mark the "housing to cover" alignment with a scratch or dab of paint. I would not worry where the motor was, I would take a felt pen and mark somewhere the direction the rotor was pointing. Remember that one tooth will change the angle enough that a simple mark will do fine (like I think you are saying).

Since your ask the question I presume your are going to take off the front cover. I would not suggest this unless you have over 300k on the motor. The upper head rails and the tentioning rail are all that are necessary untill the lower right side guide rail wears through well after 300k. If you are taking the cover off I would do everything at TDC.

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Steve Brotherton
Continental Imports
Gainesville FL
Bosch Master, ASE Master, L1
33 years MB technician