The position of the module can be changed by reclocking the shaft in the eng that drives the dizzy. I just haven't gotten around to doing mine.
Wiring. The ign connection should go to a switch 12v wire, otherwise, you're running power through your module all the time. The neg is correct. You want to run a 3rd wire to ground. Most of the EI dizzies have a spade term mounted with the screw that holds the vac adv in. Most of the time that an EI dizzy is called bad, it's do to a bad ground.
Finding TDC. Pull plug 1, put thumb over hole as you come up on the timing mark on the crank pulley. If you creates pressure, line the crank mark up with the tab. If it does not, rotate the eng around again....check with thumb as you are coming to the mark. Put your thumb one when you're 1/2 to 1/4 from the mark.
No look to see where your rotor is pointing. Eyeball a reference of where it's pointing. Put the cap on the dizzy and turn the dizzy until you can get one of the plug wire towers lined up. doesn't matter which one, whichever is closer at this point. Put the plug wire for cyl one in that cap tower. Going COUNTERCLOCKWISE, the next wire will be plug 3, then 4, then 2. If everything's hooked up, try starting it. When you get it started, you can check the timing with a timing light. You'll want to be able to move the dizzy so that your desired timing is in the middle of the range of movement. Your clamp setup on the dizzy should allow you to do that easily. In fact, I'd leave that a bit loose while your doing your initial timing.
You can do the test light from batt + to coil neg and crank it...it should flash. The EI module uses transistors as the ground switch for the coil. They'll handle a lot more current than the points, but the coil is simply looking for a grnd to be turned on and off. If you do not have a coil designed for the EI ign, you'll still need to run the ballast resistor....just make sure that you hook up the ign from the side of the resistor that is getting the full 12V. If you hook it up on the output side of the resistor, you won't get enough volts for it to work....at least not well. You're connected to the batt directly right now, so that's not the prob.
I need to go work on my 3 point seat belts
I'll check back tonight.