TDC on the compression stroke?
Can you read the timing marks on the balancer when #1 is up top?
If so the timing may be way late.
I always stab the distributor at the timing mark I intend to run the engine at rather than TDC. If you stab it at TDC the distrubutor will have to be cranked around 30 something degrees to time the engine.
I may be anal but my distributor must be square and straight when the engine is timed. I cannot stand it if my distrubutor is cocked around.