If you have a spark plug, it's even easier then drilling and tapping. Break out the plug insulator, find a dowel that's close in size - even a wood pencil will work. Run the piston up close to what you think is TDC (insurance so if you have an awww s@#t and lose your grip on it)put the dowell/pencil in and turn the engine via the crank bolt or whatever you use. A piece of masking tape marked/"gradulated" with a few lines will give you an idea of when TDC is reached.
Yes, that method does work and my big expenditure was a new $2 Wally World Autolite plug since I had tossed all my used ones. It sure ain't rocket science