292 timing mark issue

[OldMercs]

The timing mark on my 292 is a painted section approximately the same size as the pointer (see picture).

I got everything reassembled (manifold, new carb & refreshed distributor) and timed it approximately like you see in the picture. Motor runs great but no road test yet - it's still mud season here. I'm thinking the bottom point of the pointer being at the bottom of the paint section may indicate about 10 degrees BTDC but I've never seen anything quite like this. Any ideas?