440 Harmonic Balancer Timing Marks Off

You are sort of correct. The engine turns over 1 time in your scenario and it is back to compression stroke cylinder 1. Only the distributor would be 180 out. You would not have to re time the cam .....just lift the distributor spin 180 and drop back in.
agreed. As long as the OP is aware of that. I'm not convinced the OP is fully informed enough.
It was suggested once before, that builder should take a picture of the timing gears with dots lined up. I like that idea. It costs nothing in money or time.