Hi Barry,
You can set the distributor to anywhere you want. First, to avoid any confusion later, set the engine up on TDC, cylinder 4 firing. Then unclamp and lift the dizzy out enough to disengage the spline drive. Then you can rotate the whole dizzy, shaft and body together, to where you want. Drop it back down to engage the splines. Finally, fine-set the timing and clamp it down again.
Cheers R