small block oil priming question

You want the rotor "just leaving" the #1 terminal (its going CW) as the vac adv will pull the rotor back CCW thereby advancing the timing. With the points just opening or the reluctor tooth dead even with the magnet as "67" said, if the rotor is too far away from the cap terminal called "Rotor Phasing" at that point in time there are several ways to correct it. If the available voltage is less than the required voltage necessary to jump that amount of air gap there it will misfire. the Echlin rotor can easily help with that by reducing the air gap which is a bennie even if the phasing is acceptable as is.