Carcrazy,
Right on aligning to TDC,remove the pain in the a$$ distributor hold down bolt and the hold downplate (while its out it would be a good time to consider trading it out for a socket head,I found doing so makes it sooo much easier to adjust the timing as the allen head bits slide past the rotor cap and the PCV hose)remove rotor cap & note where the rotor is pointing
Unplug the TFI(ignition module,grey thing on side of distributor)
Pull up on the distributor to remove
If the replacement distributor did not come with a TFI module you will need to swap it over;remove the 6mm bolts(the parts stores sell a special tool just for this,under $10.00) and pull downward from base of the distributor and wipe off the heat sink grease take a piece of 1000 grit sand paper and "lap" --- polish the back of the ignition module and the distributor where they go together (the shinier and closer fit between the two the better. The ignition module gets pretty warm and the distributor acts as a heat sink drawing the heat from the module.)
Get some heat sink grease from Radio Shack or the like, you want the Silver type and mount the ignition module.
Install the distributor, may have to give it a slight twist clockwise paying attention to where the rotor is pointing, snug the distributor so you just move it
Plug the module back in and remove the SPOUT plug (its on the same piece of the wiring harness for the ignition module and start the engine when it warms up use timing light to get your base time set @10*
Lock the distributor down fully and replace the SPOUT plug and you've done it.

IF I said wrong some one correct me or add to this.......
hope this helped
T