Not exactly. When the piston is at the top the valves can either be closed (compression stroke) or open (end of exhaust stroke, valve overlap). Since the distributor turns at half the crank speed this matters. You have to verify if you are on the compression stroke or exhaust stroke. As an alternate to removing the valve cover; while turn the engine by hand, place a finger over the spark plug hole (for #1). When the compression stroke begins pressure will build up in the cylinder, pushing air past your finger. Stop at the top of this stroke. If you are on the exhaust stroke the exhaust valve is open so no pressure will build up.
Once you verify you are at TDC on the compression stroke, put the oil pump and distributor drive gear back in per factory the instructions and you should be fine.