Close, but a couple of comments:

Don't let the timing mark go past the 12 o'clock position (straight above centerline of crankshaft) Take your big old johnson bar and turn the engine untill the timing mark is dead nuts at 12 o'clock position.
Why 12 o'clock? The timing pointer is at about 1 o'clock. If you set the timing mark straight up, you'll be setting 40 - 50 degrees btdc initial static timing. That pretty much guarantees a backfire. I set the static timing at about 12 degrees btdc using a degreed balancer, a timing tape, or the marks on the timing tab.

reach down into the engine thru the distributor hole with a long screwdriver and turn the distributor drive gear untill the slot in it lines up
I think you mean oil pump drive shaft, not distributor drive gear.

Firing order on all Chevys is 1-8-4-3-6-5-7-2, clockwise.

A search of the forum would bring up quite a few threads covering this topic for those who want more info.