2 more things to consider
1) the old one was off a tooth.
2) the balancer has moved. Notice its two pieces bonded by rubber? In some cases the outer shell moves from the inner core. The outer shell has the marks for timing and there is no visual alignment for you to know the two never moved.
There is one thing you can do and that is to use a dial indicator through the #1 spark plug hole, using a positive stop through the plug hole, or using a long screw driver. to guestimate TDC by feeling when the piston quits moving. Read on. . .
Do a search and read the many articles on finding TDC when the mark is wrong.
The thing is if TDC by the piston location shows the balancer shell moved, it should be replaced UNLESS the timing cover is wrong? Is that possible? Is it burned, melted, distorted?
Take a look at this. Both are kinda lame but you get the idea.
http://www.hotrodders.com/forum/true...top-78054.html
http://www.wikihow.com/Find-Your-Eng...ad-Center-(TDC)
Thing is, At TDC the piston has dwell; meaning, you can move the crank but the piston really doesn't move. Think of this using a 360 degree wheel. As you turn the crank the piston is approaching TDC so you see it moving up. Say 355 degrees piston movement stops but is detected again at 5 degrees on the way down. So you rotate the crank back from 5 to 0 and that is TDC. Now align the cam with the mark on the head and install the belt.
If the crank pointer lines up with 0=TDC great. If it doesn't you know the pointer is off or the shell slipped.
Hope this helps and PS - cam timing and distributor advance timing are different things. Don't confuse the two as I suspect that's what happening to you.