Pull #1 plug and hand-crank the engine. Make sure that cylinder isn't just at TDC, but is also on the compression stroke by holding your finger in the spark plug hole to feel for pressure.

Check the distributor rotor position now. Still pointing at #1?

Fusible links are usually located where you can get to them fairly easily. Hopefully a blown one would look like it was blown.

Yes, you could be one revolution out, in theory. Also, get a timing light handy. I advance a 2.6 a bit more than the factory sticker says to, maybe two degrees more.

Hope that helps.

John B.