First of all, every Pontiac 400 that I have worked on from 69-79, the timing marks were cast into the timing cover and not adjustable. If they make a timing cover that has adjustble timing marks, I have never seen one.
To my knowledge you cant interchange a Pontiac timing cover and an Oldmobile timing cover. Pontiac timing covers are unique in design as to the rest of GM products. The water pump on a Pontiac engine is integrated into the timing cover.
As Wayne pointed out, a Pontiac engine uses a hamonic damper where as an Oldmobile uses a harmonic balancer. They are not interchangeable. If you cranked an engine up with the wrong one on, you would know it immediately due to the excessive vibration. Im not even sure that will an Olds will fit a Pontiac due to the crank size, but Im not an Olds man, so Im not sure on that.
I suspect the old harmonic dampner timing mark has slipped and is not in the original spot. This is very common, even mine is that way. As the rubber inside the dampner heats up and cools down, plus old age, will cause it to slip. You just have to compensate while setting your timing, or replace the dampner
As far as the degree difference, sorry Im not going to get into that arguement. :lol: