You cannot degree a balancer by simply going by where the rotor is pointing. You have to remember initial timing is rarely set at TDC and the rotor phasing in the distributor could easily be off 10 degrees or more. Rotate the engine till the marks on the timing set line up at 12 O'clock on the sprockets and I bet you'll find the balancer is lined up at TDC. BTW: the only proper way to check a balancer's accurateness (is that a word?) is with a TDC indicator screwed into the #1 spark plug hole or with the head off to measure the piston height