340 Static Compression Numbers and Test Procedure

There is a painted line on the harmonic balancer that I have been using and appears to correspond to TDC.

How did you determine this? With a piston stop and degree wheel? That is the only way to know for sure.
If the balancer is old it could have slipped as YR stated. Mine is off about 3 degrees and waiting for replacement. I was chasing my tail on tune and timing and while the 3 degrees wasn't enough to kill me, it wasn't helping.