Hello I will help you with your question,
The reluctor does not pry off the shaft, if you need to replae it is better to get a quality rebuilt if yours is rusted (common problem) Look out for the cheap rebuilds and keep your old one until you get one that works properly
Click here for diagram
Let me know what I can do to help you with this
You punch the pin from the drive gear (mark which way the gear goes on the shaft) and pull the gear off then press the shaft up out of the bushings in the distributor body. You can buy a rebuilt distributor with module for the price of the pickup.
For the timing you will put the engine to TDC on the compression stroke of #1 cylinder and stab the distributor so that the rotor is pointing to #1 cylinder spark plug wire tower. This will get it close enough to start. Remember that you can be 180 out on the crank so event though the mark on the balancer is at the 0 degree mark on the timing tab #1 cylinder can be on the exhaust stroke or the compression stroke so you need to pull the spark plug and feel for the compression as the piston come to the top of its stroke. You then know that you are on the right cycle.
Let me know if you need a better explanation of how to do this.