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Is it fine to just rotate the drive gear so that the rotor points to the #1 wire at TDC?

yes. Might set the timing marks to where your initial setting is (BTDC #1 compression) and see if your phasing is OK w the reluctor vane lined up w the magnet & just moving away (CW) and and from where that phasing is under the dist cap #1 terminal the vac adv will move the rotor CCW from there. ie 11 degrees on the arm will move the rotor 11 degrees CCW around the circumference.

live every 24 hour block of time like it's your last day on earth