Yes, that is a good starting point and should be close to 2 deg BTDC. The other thing is to make sure the engine is at TDC and not 180 deg out of phase. You can remove the #1 plug wire and block the hole with your thumb. You should be able to feel compression as you slowly turn the engine. If you're uncertain if it's at TDC, look in with a flashlight and you can watch the valves going though the four cycles as well. If the distributor has been removed you will want to rotate it so that the points are just beginning to open when aligned with #1 spark plug wire.