What i usually do is remove the dist. cap prior to removing the distributor. That way you know which way the rotor points. If the engine doesn't turn at all when working on it, just place the distributor in w/ the rotor pointing the same direction.
What you can do is look at your timing marks on the blancer and the metal tab guage over the balancer. Know the firing order.... 1-8-4-3-6-5-7-2. left side on engine (drivers side) from front of engine: 1-3-5-7 and right side: 2-4-6-8.
When the timing mark gets close to 0 or TDC, you know you are near the firing of #1 cylinder. Simply point the rotor towards the #1 spark plug wire and the rest will follow suit.
The only problem with this method is as mentioned, it could be 180 degrees off, meaning, trying to fire on the exhaust stroke. IN other words the balancer makes two revolutions for every one fire of each plug.
If it won't fire up right away, remove the distr. and turn engine one full revolution to get it on firing stroke, put distr. back in with rotor pointing same way. Or, just remove distr and point the rotor 180 around, pointing at #6 plug. That should fire during #1 exhaust stroke.
Now, you know the distr turns the oil pump. Sometimes it is a little tricky getting the distr. to fall completely down for the shaft to fit inside the oil pump, but it will eventually. YOu may have to turn the distr left or right, then once it falls, turn the distr. back as if timing it to the approximate locaton.
There are some who will tell you to remove the #1 plug and see if piston is on top, or put some tissue or something in the cylinder plug hole and when it pops out when turning the crank (5/8 bolt at crank) you are at #1 TDC top dead center. Whatever floats your boat.
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