Hey crussell and BigRoy,
I did not have a chance to turn the distributor while using the timing light because I ran out of time for today. And yes, the wire was the #1 plug wire, with the arrow correctly pointed towards the plug.
The timing light itself is brand spanking new: Equus 5568 Pro-Timing Light with Tool Case
I'm not sure if I mentioned it on this thread, but the distributor did fall off once a few months back, about 2 feet off the ground. Any chance that might've damaged something?