This is my first experience working on a classic Mustang, so I have no idea if what I am seeing is "correct"

I've a 67 coupe. Originally a 289 with AC & power steering. The engine was replaced long ago with a 302 long block. Everything else, as far as I am aware, is from the original 289. The timing pointer is on the passenger side, which seems correct., the numbers line up. The timing pointer is almost completely obscured by the lower hose on the water pump as well as the alternator...

Correct timing pointer location?