Do it by ear and you will smoke your motor. Very simple to set it. The one wire with the clamp goes on cly#1 wire which is on the passenger side of the car torward the front. The red clip can go on the large terminal on the gen/alt, the black goes to ground. Do like David says and measure 2" from the dimple with the white mark, to the right. Mark that spot with a bright color paint(yellow, orange, red) or nail polish. Start engine and pull trigger, point at the pulley. Rev up the engine and you should see that mark move. Rev it up until the mark stops moving(appr. 2000rpm) and with the engine at that speed, adjust the distributor until the mark is on the split(center) of the crankcase. Tighten down the distributor there. Leave it there. If it doesn't run right then. Its either a carb adjustment, valve adjustment, or a loose nut behind the wheel. Note: make sure the points are set properly before adjusting timing. Valves should also be adjusted before hand too!
I hope this helps.