I haven't done one of these earlier engines for some time but I've always set them to the top of the ramp ie. as shown in the picture you posted. So probably about 10 o'clock. Meaning that if you were to start with the timing mark on the sprocket/pulley/whatever you want to call it, at 9 o'clock and turn it clockwise you'd come to where it's shown in the picture. If you turned it further you'd be going down the ramp. I'm pretty sure this position, ie. top of the ramp, corresponds to TDC.
Does that help? please ask again if this doesn't help.