Yea the thing is if it is wrong you probably won't even be able to tell. The engine would just make less horsepower than it potentially could and get worse MPG because the fuel wouldn't be properly atomized. The fuel would pool up because the air in the runner isn't moving, then that pool would need to get sucked into the cylinder when the intake valve opens.
From what I've read the rising edge of the PIP pulses are what tell the ECU when each piston is at 10deg BTDC(or whatever your base timing is) on the compression stroke. The #1 cylinder has a shorter pulse than the rest so it can be identified. The teeth on that rotor block the magnetic field from getting to the sensor, so i think I might have it wrong, I need the beginning of the empty space before the short tooth to line up with the sensor when the spark rotor lines up with plug #1.