Check the timing with everything together. A dial back light is best. Dial the 0/T hash mark back to the pointer and read the scale on the light. The correct initial timing is listed on the emission certification label, and it's probably nine degrees.
A conventional fixed timing light will work okay too. Look at the balancer and place a chalk mark on the timing point - nine degrees or whatever your label says. Your mark should align with the pointer It's not that hard to see the mark and pointer with the engine in one piece.
Starting an engine that's partially disassembled is NEVER a good idea.