That is as good a place as any, but it technically does not matter where the Vac can points, just so it clears everything... you can put the dist in any way just as long as 1. it fully engages the dist drive gear, and 2. the rotor points to #1 when the balancer is near TDC on the compression stroke. Make sure the rest of the plug wires are in the correct order and in the correct direction; big block dists rotate in the opposite direction of small blocks.
When you use a timing light to check the firing, as I mentioned above, the vac canister will end up where it needs to be as it is bolted to the housing which needs clearance to rotate fore & aft a little, to set the timing.