You mean two "notches" in the pulley "rim" nearest the timing cover? Picture?
If the engine is running (reasonably well), you can use the one the "shows up" in the timing light.
Otherwise, you need to find tdc (compression stroke) of the #8 cylinder. If there is a "notch" by the timing pad, Mark (paint?) and use it.
I assume you are aware that IH sv v8 engines are timed off the #8 cylinder. (pass side / firewall on left hand drive vehilces)
if there is no "notch" by the timing pad, then, I have to assume that the harmonic balancer has failed and needs to be rebuilt.