Just to update this thread.
I had a guy come around to my house with this very problem!
The car was a 1972 Challenger 340 and it had NO timing tag on the timing cover. This is what I did.
In my collection of bits I remembered I have a piston stop. This consists of a thread adaptor that screws into the spark plug hole on #1 and a long bolt then screws down through the middle of the adaptor into the cylinder.
First you turn the engine until the intake valve has just closed and the piston starts up on its compression stroke (you need the valve cover off to see this).
Then when you are sure the piston is on its way up you stop and screw the piston stop into the spark plug hole.
Continue to turn the engine until the piston hits the stop. Make a note or mark where the ballancer timing mark is.
Now you rotate the engine in the reverse direction until the piston comes up again against the stop. Make a note or mark at this new postion.
Your TDC point is exactly half way between these two points! This happened to be about an inch below the water pump body on the drivers side as you look at it.
To finish the job off I bent a brass rod to shape and fixed it on to a pump bolt so it pointed at TDC. I then blocked the vacuum line to the distributor and reved the engine to over 3000rpm. I set the total timing to 35 degrees at that rpm.
The engine sounded and felt much better after this.
I hope this helps anyone else out there having trouble with the timing on a 340!