Timing mark?

I want to dial in my timing... 400ci 2 barrel. I don't quite understand the timing mark / indicator. The line on the pulley is clearly visible each revolution but it's the indication on the block that I don't quite understand. There's a plate and it has a hole in it (see picture). Is that hole the zero degree mark? I have a light with an advance knob, so normally I'd set it to the desired btdc and adjust dist till i have zero indicated.
timing..jpg
Author: 74monacoHT