The point gap should be set when the cam follower is at the highest point of the distributor cam lobe. Depending on how the distributor is timed that may not be TDC, and for that matter, it doesn't matter which of the eight high points you use.
If you have a "dwell tach", setting the dwell is a lot more accurate than messing with feeler gauges and trying to figure out when you're at the high point of the distributor cam. When using a dwell tach you just have to put the points in and have them close enough to start the engine, then you can adjust the points from there. If I remember right, didn't the Chev use points that had an Allen wrench adjustment and a window for access? It's been a while.
Previous post is correct about using a dwell meter to set point gap. New points should be close enough out of the box to start the engine. Allen wrench is 1/8". Correct dwell should be 30 degrees.
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