Ok. The 454 has SFI ignition. In the manual I've been reading, there is a step that mentions that the ignition can not be timed. I did not try to unscrew the cap because it has a bar code seal on the back of it, which I'm guessing is a warning for tampering. The coil is seperate and mounted on a bracket above the distributor.
No, the engine will not start. I figured that the distributor is possibly 180 degrees out on the timing, but I did not want to try that until I know how to verify the position of cylinder #1.