top cylinder is #1.

If you've had the flywheel off, you really need to check your timing pointer position (if so equipped):
1. rotate the flywheel *clockwise* until the #1 piston goes just past TDC.
2. insert a piston stop tool into #1 and set the depth.
3. mark the edge of the flywheel at the timing pointer.
4. rotate the flywheel on around *clockwise* until the piston contacts the stop tool.
5. mark the edge of the flywheel again at the timing pointer.
6. draw a straight line between your two marks.
7. draw a line from the midpoint of your first line to the edge of the flywheel, perpendicular to your first line.
8. if the 2nd line lines up with the TDC mark embossed on the flywheel then you're done.
9. If not, rotate the flywheel until your 2nd line is aligned with the timing pointer, then move the timing pointer to align it with the embossed TDC mark.

Sorry I've not got much experience with the points/breaker/condenser ignition, but these guys here: http://forums.iboats.com/forumdisplay.php?f=24 will answer all your questions.
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"i don't see any timing pointer " its ok, not all models have it, those that do it's fastened to the intake manifold.
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the iboats forum really does have some members who know what they're doing