You are missing something very important here. In the case of this engine, you ALSO need to time the injection pump.
With the balancer in the right position (23 degrees before I think) the camshaft in the right position with the cam and tower mark in the right position, the number one position on the pump should be dripping once per second. You need a drip tube, which is very inexpensive, to see that the pump is also correctly timed.
As for the position of the cam lobes, I would have to pull a valve cover to check for sure.
Don't overlook the IP timing.