Im no expert on this by any means, but I did intake gaskets in December. To tell the compression stroke and exhaust stroke apart, pull the #1 spark plug and put your thumb over the hole, have someone "bump" the key to try to start the truck. I mean bump it and immediately let go.. If you're on the compression stroke, you'll feel a good amount of pressure pushing your thumb out and it may even spray air out depending on how tight your thumb is on the hole, if it's exhaust, it will put pressure on your thumb trying to pull it into the block.
And yes, you need an electric timing light. Not sure if you know how to set timing, but you have to look at the pulley on the harmonic balancer and there's a small line in it going front to back, also, mounted to the block, there's a tab with small "pointers" on it that line up over that pulley. You want the line in the middle tick mark on the compression stroke, that is exactly TDC.
Put the line on that middle tick mark, then put the plug and wire back on. Be sure your distributor is just loose enough to be able to turn it some. Try cranking it.
It should either crank, backfire, or crank and cut up and spudded and smoke some. If it doesn't run just right, turn the distributor SLIGHTLY one way and try cranking again. If it didn't crank before and now it's cranking but rough running, you're going the right way. If it gets worse, you need to turn the distributor the other way.
I might be missing something so maybe someone else can chime in and help a little more, but thats a basic overview of the process and I hope it helps.
And don't forget to tighten down the distributor when you're done, otherwise you'll have to do it all again..
And thinking about it, they might have set the timing but not tightened down the distributor well and over time it worked loose a little, until it had enough slack to turn some.
It might be possible to tighten it down a little and play with the distributor to the left and right and get it back like it was bc even though it is loose, it's not loose enough to have jumped completely out of time to the point of resetting the timing. I would try tightening it a little and play with the timing to see if that fixes it before I went through the trouble of setting the timing and getting it to TDC.