ditto form Y-blockhead. If you are going to do anything to this engine to get into running shape you WILL NEED TO HAVE THAT DISTRIBUTOR ROTATE in its bore, I don't care what anyone says. Fact is, the rotation of that distributor is your main timing feature... you need to get that loose first.
Once you do, bring #1 cylinder up to TDC and then make sure your rotor is pointing to #1 on the cap (most caps will have #1 identified). Then secure your distributor to the block with the bolt and hold-down.
The distributors that have vacuum and mechanical advance can be run with an old carb if you plug the carb's vacuum signal port and only run mechanical advance, or if you run manifold advance to your distributor. Also, you can modify the carb itself (there are helpful articles on the internet from engine builder Ted Eaton) to read the proper signal for your distributor.
Whatever you do, never run an old distributor (pre-57) with a 57 or later carburetor.