Ok, sounds like you may have the valves adjusted properly. Now lets concentrate on the distributor.
Remove cylinder number one spark plug. Place your finger in the park plug hole and turn the motor over until you feel compressed air escaping around your finger. You should also be watching the balancer and see the timing mark coming up to the timing pointer on the front timing chain cover. Stop turning the motor over when the mark on the balancer lines up with the 10 degree mark (advanced) on the timing pointer.
Now check the distributor rotor and see where it is pointing. This is where you want the rotor pointing directly at the number terminal in the distributor cap. You can use a sharpie to place a mark on the distributor body to indicate where your number one terminal is. This way when you remove the cap you know where the number one terminal is located.
It if does not line up, remove the distributor and re-stab it until it does. Sometimes the distributor will not go all the way down, in this case rotate the motor until it drops down fully seated. You can then rotate the motor until you come back the the compression stroke on number one cylinder and check your rotor alignment. Hopefully is will be lined up 10 degrees advanced and pointing directly at number terminal on the distributor cap.
If the distributor does not drop down when you first re-satb it, its because the oil pump shaft and the distributor shaft and not clocked right, but all you have to do is rotate the motor like I stated and it will drop into place.
10 degrees advanced should give you a good start up and then you can time it where you like, I think 12 advanced is nice. If you have 20 degrees advance in your distributor (mechanical) that would give you a total of 32, which should be safe.
The other critical factor is whether or not you have a 305 balancer or a 350. The 305 mark is at 12 O'clock and the 350 is at 2 O'clock. If you timing pointer on the timing cover is at 2 O'clock position and you have a 305 balancer the whole process I described above will be off and the motor will probably not run (maybe but it will be way retarded in timing)
I had a 305 balancer on my Goodwrench 350 and I couldn't find the timing mark while using my timing light because the timing pointer was a 2 O'clock. I then replaced the balancer with a 350 and all was good. There is a way to remark the 305 balancer but I don't' know how.
My 305 balancer was very thick looking compared to my new 350 balancer.
One other thing.......when you adjusted the valves, it should be when the exhaust valve BEGINS to open you can adjust the intake on the same cylinder, and then when the intake BEGINS to close you can adjust the exhaust. So when you see the beginning of the closing or opening is when you adjust.
Ok, one more thing

10 degrees advanced on the timing pointer is to the left of 0, each mark is 2 degrees.....of course if its a stock pointer.