REcently had engine out, rebuilt carbs (web 40idf) had a problem adjusting the valves, at tdc (line in trans lined up with case seam) the valves for #1 were tight and the screws were up against the valve (the push rods were seated). when I turned the engine by hand each valve gave me all the room to tighten them to spec, but not at the same time. I did the rest of the valves this way. put the engine in, hooked up everthing and the engine cranks but doesn't start. I get fuel , I even tried starter fluid. I get spark. Rotated the dizzy still nothing. I did noticed after turning off the car fuel I would get about 1/8 inch of fule on the closed butterfy, I would open the valcve and it would stop, close it and it would start to flow again, It got to dark to check anymore.

Sounds like you were at TDC, but are you sure it was for the #1 cylinder?

I can only assume, I was going by the notch on the fly wheel. I replaced the fan and it had no markings, the dizzy was pointing the wrong direction.

Sounds like you were on # 3 cylinder. With the notch lined up, the rotor bug should point at the # 1 plug wire at the diz. There should be a notch on the base of the diz. That will be "approximately" where the rotor should be pointing. Make a mark on the flywheel 180 degrees from the notch. White out works great. You'll be able to see both marks through the hole in the bottom of the tranni, and that will help in the future.

Uh, I just reread your post. Were you looking at the hole in the bottom of the tranni, or at the top?

Yep, sounds like you weren't at TDC for number 1, otherwise you would have a little slack on the rockers.

I was looking at the top notch on the tranny, it seemed the only reliable sign of TDC. The PO put in a new crank and cam so I wouldn't trust the dizzy positioning. I just relized that could be wrong to, It's a 70 1.7 with a sideshift tranny.

If the car ran before, the diz position should be correct. top hole in tranni is the right place to line it up. Just make sure the rotor is pointing at the #1 plugwire. I think if you adjusted all the valves at the wrong location, you would know it when the engine is turned over. Maybe the prob is with the carbs, but I would double check the valves anyway.