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Yeah your right, the lobes shouldn't be facing "up" at TDC on a 103. Can you see the small drilled mark on the ring I was talking about, on the cam just behind the sprocket, or not? On the #1 rocker arm bridge, on the front of the casting is a small index which should point at this drilled in mark when you're at TDC, that should time it close enough. Another reference I can think of is on the front of the cam there is a pin which indexes with the sprocket. That pin should be on the right (passengers side) of the engine.
Gilly
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