With a timing light of course...
along the bottom of the inspection port of the flywheel cover, the serial number plate's top edge should have two bumps. For the LH engine, use the right bump and for the RH engine, use the left bump (looking towards the flywheel). You align the "correct" mark on the flywheel with the appropriate "bump". Some flywheels will have two marks - one for TDC and one for the recommended initial advance setting. Both are made radially; one being a contiuous line at least a 1/2" long (a deep scribe) and the other being three "dots (center punches) spaced within a 1/2" of each other.
I'd suggest starting by cleaning up the flywheel and finding the markings on it. If you rotate the engine to get the balancer's mark to "zero" on the pointer, the flywheel marks should be in the "window". I mark the "correct" one with "whiteout" as it makes seeing it so much easier...