Is this a fresh rebuild badkarma? Or has it run before and you're just adding some new stuff to it?
If freshly rebuilt, do NOT crank the starter while you're trying to figure all of this out. Figure it out manually first, then try to start it. The reason is that if you have a flat-tappet cam you can ruin it before the engine ever starts. And I'm not exaggerating.
The #1 plug wire can go wherever you want it to, but the most common position on our Fords is ton one of the terminals approximately between the 12 o'clock and 2 o'clock positions.
Who installed the distributor? If it wasn't you you're going to have to pull the cap to see where the rotor is pointing at TDC. And therein lies another possible dilemma...
If you've been turning the engine over, either by hand or with the starter, and/or you did not rebuild it yourself, and/or you pulled the distributor to put the new one in without noting where TDC was originally, you're going to have to start from scratch.
Also, did you verify that the timing marks on the crank damper and the timing pointer on the front cover line up at #1 TDC on the compression stroke?
Answer as many of those questions as you can or feel like, and we can run down the entire procedure for you to start from scratch. After all, there is no one specific spot for a specific wire on the cap, until you've verified a whole passel of things.
Paul