It's not normal for a mist of gas to come out of the carb. Sounds like a timing issue. Check out the info below for setting your initial timing. With the distributor removed and your #1 cylinder at TDC, the distributor drive slot should be orientated as shown below. As to your question on the timing cover marks, looking down on the cover from the front of the engine, left of 0 is BTDC (advanced), right of 0 is ATDC (retarded).