If everything is "right", the cams should be at zero (the scribed lines which you can't see without removing the valve covers), the distributor rotor should point to a scribed line on the body of the distributor, and the pointer on the water pump should point to the harmonic balancer's zero mark. It is possible to get the distributor 180 out of phase, which, incredibly, seems to want to run (terribly).

__________________
86 560SL
With homebrew first gear start!
85 380SL
Daily Driver Project

http://juliepalooza.8m.com/sl/mercedes.htm