Here's a .pdf with a picture of the flyweight and lockpin combo in action. It's on page 7.
http://www.scattercreek.com/~coho/images/Inj.%20lockpin07.1-8410.pdf
I see that you have an '83 model OM 617, and I assume this is the engine on which you're attempting this procedure. I was under the impression that the lockpin tool would only work on late '84 and '85 model OM 617's--I could be wrong.
For my OM 603:
*I set the crank pointer at 14 degrees ATDC (gsxr's recommendation).
*Pull off my oil cap to be sure the two cam lobes on #1 cyl are in their upright position.
*Then look in the screw hole to see if the flyweight ridge is centered in view. If not, then I loosen all the IP bolts and turn the adjuster turnbuckle (your IP may not have this feature) to rotate the pump CW or CCW to line up the ridge.
*When I think the ridge is close to center, I screw in the lockpin and rotate the plunger until it pops into place and can no longer be rotated without pulling back against the spring--VOILA!
*I then crank down the IP bolts and remove the lockpin.
*I then start the procedure all over by rotating the engine 2 full revolutions, then re-check the timing yet again.