Yeah, the timing will be off but just the act of removing the distributor means it needed timed anyway.
When you get it all back together leave the dis out and remove the #1 spark plug. Then stick your finger in the hole and bump the engine over until your finger gets pushed out. You are likely to feel two gushes of air coming out. One will be weak and you should be able to keep your finger in the hole, even if you get pushed back a bit. The one you want will launch your finger.
Once you have found the compression stroke use the timing marks on the crank pulley to fine tune your position. You should have marks om the crank balancer ranging from -20 to about 20* and a needle or pointer. Line up the -10 mark with the pointer. Next figure out where the #1 position on the distributor is. Fords usually have a notch or a pair of notches in the stem where the cap sits that mark the position of the rotor at #1. Line the dis up about 1/2 a rotor width clockwise from the #1 position. Steak it in make sure the rotor is lined up with the #1 spot and put the cap and wires back on. It should start and run well enough to finish fine-tuning the timing with a light.
