383 build no power

Suggestion, use the crank bolt to rotate that thing around, before you do, put a bit of anti-seize on it so you have no issues when pulling it back off. A lot easier than strong arming with the balancer. Based on the picture, looks like you have a 3 key hays type sprocket, can help adjust when the torque/hp comes in to help mitigate your suspected converter issues, even if you decide only to go dot-to-dot.

Except do NOT rotate the crank by more than a few degrees, if the cam is not connected to it by the chain. That is a really good way to bend valves! A few means about plus or minus 8 cam degrees,when the dot is correctly located on the crank sprocket, and the #1 piston is at exactly TDC.
With the plugs out, and the cam chain off, you can feel the pistons kiss the valves; if you are careful and watching for it;But it's not something you want to do. And there is usually no reason to go any further anyway.