69 340 timing chain questions - help!!

when both marks are at 12 o clock, it is on #1 firing...when the cam mark is at 6 o clock and the crank at 12 o clock, it is on #6 firing...in other words, it's correct...

Agreed.

For it to be on #1 compression/firing both marks need to be at 12 O'clock. When the crank is at 12 O'clock and the cam is at 6 O'clock it's on #1 exhaust stroke. Also at the same time #6 is on the compression/firing stroke.

You have it right George.