No, not correct
Timing gears have marks on the 2.3l Lima's, no room for deviations
This is the Crank(piston) and Valve(Cam) timing, so as said not related to Spark(distributor) timing, i.e. the 10deg BTDC
Drawing here of timing belt and marks:
https://www.justanswer.com/uploads/fordguy4u/2008-12-05_180920_A1.jpg
Close up of Crank gear here:
https://stangnet.com/cdn-cgi/image/...80a3-f7be-40ba-8df7-6355502f5035-jpeg.640951/
Cam gear has a Triangle mark which lines up with Triangle mark on engine at about 4:00
(this gear can also have a Diamond mark, ignore it)
Crank gear has a mark next to the keyway, as seen in picture, line it up to the notch
The AUX(oil pump gear) prior to 1989 didn't need to be "timed" because there was no Cam Sensor, but...........................
It does drive the distributor, so to save you some time in pulling out distributor and re-timing it, you can turn this gear until distributor's rotor is pointing at #1 spark plug wire on the cap
And then put the belt on, assuming other two gears are lined up
After belt is on and tensioner is holding it tight
Rotate the crank one full turn
Distributor rotor should now be pointed at #4
Then another full turn
All marks should be lined up again and distributor rotor is again pointed at #1
Reassemble engine and start it up(may need to move distributor slightly one way or the other to start engine)
You always have to use a timing light to fine tune the spark timing to 10deg BTDC when you change a timing belt
There is no other way to do that
And you need to remove the SPOUT connector prior to setting this timing
Let engine idle for a few minutes, needs to be warmed up a bit
Then shut it off
Hook up timing light and unplug SPOUT connector
Restart engine and check timing
Adjust distributor for 10deg BTDC
Tighten distributor
Plug SPOUT back in, engine still running
Recheck timing
Should now be 20-22deg BTDC
Shut off engine you are done