The .462 inch mark is used to set the timing pointer accurately. When the timing pointer is set properly, and it indicates .462", the piston will be nearly 1/2 inch below TDC.
So, set the #1 cylinder to TDC using a screwdriver. Accurately measure (or use dial indicator) from top of cylinder head to top of piston. Add .462 inches to that measurement. Now back piston down until your measurement SUM is reached. Adjust timing pointer to read .462" BTDC.
Now redo your timing procedure. Disconnect idle stabilizer. Most never reconnect it. Primary pickup timing synches the carbs to the timing. It is very important to get it between 0-9* ATDC. The easy way is to remove spark plugs 2-6, and install them into their wires and ground them.
Install the timing light on #1. Timing light s/b set to zero. Set throttle until carbs are ready to open, but still closed. Crank motor and observe timing on flywheel. Adjust primary pickup set screw (about 1/2 way up throttle arm), until timing is in the range of 0-9*ATDC. This must be done, w/o changing position of carb throttle plates. They must remain closed, but ready to open.
Now advance throttle all the way and check timing. Max spark advance should be 21* BTDC. Adjust Max timing set screw (above mid point of throttle arm), to stop timing advance at 21* BTDC.
Install spark plugs and start her on a flusher. Using idle stop screw and throttle cable barrel adjustment set idle RPM to about 800RPM. You may need to further adjust it when on the water.