IH 354 point gap

I got a 354 International, 4 cylinder engine, and I need to set the point gap. I know the gap amount. According to the local dealer it is .014 but I am unsure if I know how to set it properly. Do I set #1 cyl at TDC and set gap like on so many older vehicles? How about the engine timing? Where does that set at and do I need to readjust point gap after timing is set?
I am not too knowledgeable on older equipment. Points came before my time. Any help sure would be appreciated. No manuals are available locally and I need to get my tractor running this weekend if at all possible.
Thanks.
 
The shaft in the center of the distributor that turns has 4 lobes on it. Turn the engine over [by hand with the fan] until one of the lobes is opening the points, and gap them there. It doesn't matter which cylinder is where.
 

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