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I have a 1978 454. How do you know when you're at TDC. I thought I was there but I noticed that my exhaust valve was slightly open after I adjusted the valve.
It sounds like you are a ways out. To check it take a wooden meat skewer. (Jiant tooth pick), Pull the plug on # 1 and roll the engine by hand untill you feel the piston come up and hit the skewer you shoved in the spark plug hole. I have used thin screwdrivers for this but if it gets wedged between a valve and the piston you will do damage, There is less chance with a skewer. NOw you need to feel when the piston reaches TDC. The best way to do this is to use a dial indicator with a long reach, (the skewer will thread into the bar on mine if I remove the ball tip) Some guys take a spark plug and weld a bolt to the end so when the engine is rotated up the piston contacts the bolt. They mark this position and rotate the oposit way and mark that position. TDC is half way between. The Dial Indictor will tell you when the piston stops moving. That will tell you + or - 1 degree where TDC is with the head on. More accurate with the head off of course. In my opinion the dial indicater is safer. To have the Exshast valve open only the engine needs to be more than 135 degrees out but is more likely one full revelotion out and intake is trying to open also. Good Luck