Hi Dusty . . .
The old car manual project has the Shop Manual online. It describes the valve adjustment process:
TOCMP: 1949 Chevy Shop Manual It includes an alignment diagram which is based on the number one exhaust valve - not much use because the crank position is before TDC . . . :-(
The crank shaft key-ways are aligned to TDC. With the crank key-way pointing straight up the #1 piston will be at TDC. You should find a single 'dot' on the crank gear. With the engine at TDC it should be pointing at the center line of the cam.
On the cam gear you should find either 1 or 2 'dots'. If it is two then the crank gear dot should go between the two. It is one they should align.
The key-way on the cam is aligned to the lobe center of the #1 it intake lobe. It should point at roughly two o'clock when the timing marks are aligned.
With unmatched gears you should check for lash play with a feeler gauge and for alignment with a straight edge across the two gears. The cam retainer plate can be shimmed with a gasket(s) to correct alignment issues.
regards,
stock49
