Yes, you have it right. It can be difficult to line the oil pump up at times, just turn it as you need to. Just make sure to fully seat the distributor and tighten the hold down sufficiently so the distributor does not pop up when you start the engine. As far as finding TDC compression, make sure you bump the starter over a little at a time instead of cranking it, you can run past the mark like that. When you feel compression the mark should be coming around. Turn it the rest of the way with a socket and breaker bar if you can. It’s OK to line the balancer mark up with the tab for the initial timing you plan to run. Good luck.