Distributor is 270 degrees off?

TDC on which stroke? There are 2 TDC positions compression stroke and exhaust stroke, which one are you using?

Set your balancer to TDC on the compression stroke (both valves closed) for #1 cylinder. Check to see where the slot is on the drive. If it isn't in line with the forward intake bolt on the left front side of the engine (DRIVER SIDE) then use a big screw driver in the slot on the drive and turn it, it will ride up the cam gear and drop. Keep doing that until you have it right. Drop the distributor in with the rotor facing the toward the front.

Try it.