Hi Jay,
The position of the timing key has nothing to do with the size of the engine. You could either have a 327 or a 350, depending on the year. The casting number was very common for blocks that could have been either a 302,327 or 350. The 302s were very scarce and 1969 was the last year for 327. If your engine is 1969 or later I am saying that you have a 350.
Now, since you mentioned the "timing key', assuming that you mean timing mark on the balancer, The 350 up to the year 1973 was typically at around 1:00 Oclock. In 1974 when they came out with the HEI distributor, the timing mark indicator was moved to about the 12 Oclock position. Even this is not 100% because the timing cover and balancer could have been changed at one time or another.
Does the engine have HEI ignition? If so, probably 1974 or later. I would be comfortable saying you probably have a 350. Any idea what year engine you have?