Or accurately set a single pointer for TDC and then use a timing light with adjustable advance.
I did this on my engine because there are no timings marks on the timing cover and the crank pully has a mark on but it's at the bottom when the #1 cylinder is at TDC. The flywheel was lightened by the previous owner and those marks are also off but it looks like they made a marking on the flywheel and also painted one flywheel stud with yellow paint and a punch mark on the top. Assuming that is accurate, the engine seems to run best at around 40 degrees advance at around 1200rpm... All seems high but I assume it has to do with the cam... Which I have no clue what it is. I do recall the guy saying it's a fast road cam, what ever that could mean..
Also, the timing light only seems to operate when I revs are over 1000rpm, is that kinda normal?
That doesn't sound right at all:
If a flywheel has been balanced after machining it should be stamped or marked with paint to make sure the assembly is aligned properly and put back in balance.
I am assuming your timing mark isn't right, as 40 degrees at 1200RPM would be very difficult to start, and once the mechanical advance kicks in you'd be way too high for decent performance and likely caused engine damage
It's quite easy to set up a proper visible timing mark. I used a small strap of metal, cut the end into a pointer and bolted it onto the timing cover bolt. Then remove the plugs and manually turn the engine till the #1 piston is at the top, then mark the crank pulley. (the most accurate way is using a piston stop or dial indicator in the spark plug hole, measuring the same piston height on the way up & down and averaging the two spots)