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I always put my balancer on before putting on the heads, that way I can get the timing marks right.... After putting the balancer on, I bring #1 to TDC and set my pointer to TDC on the balancer.....Only on one occasion did things not match up, so I marked TDC on the balancer and used a timing tape to mark things every 10 degress up to 40 degrees.... Since I wanted 35 degrees total timing, I marked that also, using a different color paint.......
If your balancer is that much off, I would check out a few things before going further, you may have the wrong balancer or the cam be be way out of whack......As Blykins posted, there are 3 different positions for the pointer on SBF engines.....and I have seen no less than 4 different timing pointers, depending on year model........
One other thing I always do; after getting the pointer and timing marks where they line up correctly, I take a Sharpie and outline the pointer on the timing chain cover, that way if I have to take it off for some reason, I can put it back in the same exact spot....
David
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DAVID GAGNARD
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