I never do the "finger in the hole to feel compression" thing. It just doesn't work for me, I never really get a sense for how it's supposed to feel. My balancer is thankfully not spun and is actually accurate, so all I do to make sure I'm at TDC is stick a straightened out clothes hanger in the #1 spark plug hole and I'll turn the engine with a ratchet. Once the timing mark gets close to zero, I'll slow down and carefully watch the clothes hanger - once I see it move from the piston coming up, I'll know I'm on the compression stroke and then I just stop the timing mark at 0 on the timing tab so that I'm at TDC, or at the very least in the good 'nuff vicinity of it.
As above, what's also important is, why did you have the distributor out? Did you replace it, or some part in it?
It's also important that wherever you drop the distributor, the rotor needs to be positioned fairly on point with one of the spark plug posts - that one being your #1, whichever you decide it to be. Typically for Pontiac engines, it's the rearmost one adjacent to the firewall, as that will give you the most room to twist the distributor in order to advance or r*tard the timing while you tune the engine.