Help. Timing chain installation 360 LA

Hi all,
i'm installing my MRE double roller timing chain. The crank key is between 1 and 2 oclock with the #1 and #6 piston at TDC. I line up the dots between the crank gear and the cam gear but I notice that the cam lobe for #1 intake is straight up. Is this correct? I would expect that after TDC installing a new cam/timing chain, the next thing to happen would be exhaust. Or, is this just how the cam installation works on a small block LA 360?
Also, how much play should I expect for the new cam going back and forth?

Thanks all.

Stu