You're correct. Find TDC then rotate it back to 50 degrees BTDC. Set the pickup so that it's dead center top to bottom and side to side. Then screw in the pickup and set it with about a .065 air gap. Now.........determine how much total timing you'll run at your torque peak. On my car, that's 26 degrees. Rotate the engine forward to 26 degrees. Put the cap on the distributor and mark on the outside of the distributor where the middle of the #1 spark terminal is. Now stab the distributor and line up the rotor with the mark you just made. Voila! You're almost done. From here you can crank the motor, set your timing at say 20 degrees across the timing map(I created a timing.gct calibration just for this which raises the idle to 2000rpm also) and put a timing light on it. Here's the confusing part(sometimes).......if you're timing light does not read 20 degrees, add or subtract from crank offset in FAST until it does. Now shut the motor off and start widening your crank trigger air gap by .05. Start the motor. If it starts, widen it another .05. You want to keep widening the air gap until it doesn't want to light off and then go back .05. With a good ignition on a Mustang, that might be as high as .080. I hope that helps you out. At first, it seems a little daunting. But once you do it all once, you realize is pretty easy. Good luck.
