In my experiance you may find a #1 risen lettering on the cap small and in a precarious place, that doesn't mean the caps on right to start. Caps, older ones anyway, can be turned around 180 so you may see your number one in the wrong place. If you know where your number one wire is then I would follow it back to the cap and mark the cap. Hope that doesn't sound confusing. Once you've discovered number one mark the spot on your distributor, something removable like white out. Take your cap off and turn your HBalancer until your rotor is pointing at that mark. Take your number one plug out and if your piston is up then it's TDC. If its down rotate 180 HBalancer to TDC. Then check your timing marks, they should be relatively close. If your rotor is not pointing to what you have marked as number 1 then you've probably found your problem. I would check firing order in this process just for GP. I would recommend you check your engine numbers/distributor/HBalancer/Timing marks to see if it's what you think it is before you start this process. Different stuff means different TDC/Timing/Firing ect.... I've seen hacks use parts from all kinds of stuff to get a vehicle running which may cause issues. I've even had to create my on Timing marks on HBalancers in order to figure problems out.
GL