You don't really need the timing light to see if it's retarded timing. And yes, it can show up on only one header tube, especially with a cross ram type manifold. Just advance the timing a little (maybe 1/4" on the circumference) and see if the color goes away. Keep advancing and trying until the motor labors to crank, and then back it off a little. It'll be close. You can then check it with a light when you get one and see where you're at.