As far as the timing tape goes, yes, the line on the balance for TDC is aligned with ZERO on the timing tape.....and wrap the tape "backwards" if the directions aren't explicit for engine rotation.
if you are talking about a piece of tape on the timing tab showing zero, better off doing something more permanent....find TDC on #1, using a stop, and then mark the tab to align with the balncer's mark.
!2 is a little advanced but could be driven by many factors, if it came from the builder, use it. If the timing tape is used, the advance is read directly off the value under the tab's ZERO line with a standard timing light....if you have an advancing timing light, most say turn the knob until the ZERO lines overlap and read advance off of the knob....
The final option is to use reverse rotation timing tab....usually, the timing tape is the much more economical option.