Re: 165 hp mercruiser timing issues
"after my tune up on fri., sat. at the lake, it fired up faster (well, at least, as fast) than my buddys brand spankin new 220hp fuelie..... what more could ya ask for..."
Very true!

Didn't mean to imply you couldn't do it without electronics. A well tuned 250 or for that matter a Chevy small block with points are a joy to own and work on.
I was just looking in one of my early Motor Manuals and it shows the proper position of the #1 position on the cap in relation to the engine. #1 should be straight up or at the top of the distributor but the best way to get it there is to find TDC (valves closed) on #1, the timing mark will be on the tab, adjust the oil pump shaft (which drives the distributor by looking down the distributor hole) with a long screw driver so that when you install the distributor the rotor will index to the top in physical relation to the engine. If it doesn't line up turn the oil pump shaft until it does. I need to take a picture of it probably. There is a long, drawn out way of doing right the first time but you can get it right by learning the proper relationship of the oil pump shaft/distributor/original correct distributor installation through a little trial and error.

Hope this helps.