I was just browsing around cause it occurred to me that pointers are not the easiest to read sometimes and it's such an important thing.
I know this thread is slightly old, but
@Johnnyb , you mention that the TDC mark is NOT where you'd expect it to be but you're expecting wrong. The TDC mark does NOT go at the top of the crank when at TDC, the only thing at the top of the crank when at TDC is the KEY in the crankshaft. Sometimes there might be a mark there, but the mark needs to be where the the pointer is as that's what you're looking for.
So, in short, yes, that timing mark is at about 45° from the top, which is absolutely the right place for the stock Explorer timing pointer.
Here is a shot of me setting my cranking timing at 10° BTDC with a stock Explorer balancer, crank trigger, and pointer:
Hope this helps the next person trying to figure this out. Sorry I'm late.