Wits End With A 318

Try this, pull the #1 spark plug out of the block and then crank the engine over by clicking the key and "bumping" it Hold your finger over the spark plug hole while having someone else bump the engine over. As soon as you feel the engine push your finger up from the hole you should be at top dead center on the compression stroke. Then do not turn it over any further. Remove the distributor cap and peek under the cap and see where the rotor is pointing in relation to the wires on the cap. The rotor should be pointing at the plug wire that leads to the #1 cylinder. if your rotor is not pointing to the # 1 plug wire you need to check to see if either the distributor/rotor is advanced 180 degrees out or if the wiring is wrong where the wires plug up to the cap. Hope this helps and Merry Christmas!!!
This is also basically how I do it, with a couple more parts to be more precise so it starts easier. After feeling the initial rush of air, put a socket on the balancer bolt and turn it until the timing marks are at TDC. Make sure the rotor is under the correct post on the dist. for number one cylinder, then turn the dist. if needed to line up the reluctor post to the sensor. If they are lined up exactly and the rotor is pointing at the proper post I've never had one fail to start on the first try.