Can someone break down timing an engine (specifically a 5.9 Magnum) to something I can understand? I'm kind of stupid about this stuff.

I thought I understood timing, but I realized that much of my engine's issues could stem from bad timing and advance, so I would like to retime it correctly.

Assume I'm starting from scratch here. Assume my cam is degreed, but assume my balancer has no timing tape on it. I have timing tape to put on it, so if you could tell me how to correctly install it as well, that would be awesome.

I should have the tools:

Timing light
Vacuum gauge
Dwell tach
In-car tach
various hand tools to change distributor position and vacuum advance position

I just really don't know whether what I did prior was correct. Thanks in advance. Sometimes it seems I just need a simple explanation and I understand the subject a whole bunch more.