You can't manually set the timing like you can with a distributor. The part that you pulled out is called a camshaft synchronizer, it has the camshaft position sensor ontop of it. The computer uses readings from the CPS to adjust the timing. In order to align the synchro, you will need to get the engine to TDS, then you will need to get the cam synchro alignment tool. The alignment tool holds the synchro at the position it should be in with the engine at TDC, this allows you to drop the synchro back in and it should be phased correctly. That will mean that the computer knows where the engine is in its rotation and can send spark accordingly.