Step by step, could anyone guide me to the correct way to set the timing on my engine. I have read that I need to disable the advance at the ALDL, if so which pins (by location) do I connect to do this. I have also been told to place the car in drive (e-brake / wheel chocks of course) while setting timing. Need Help.

I cant answer your whole question, but i can get you in the ballpark.
(1)turn your engine by hand to Top dead center on cylinder 1 on compression stroke.
(1a) remove plugs from cylinders 2-4.
(1b) put a wrench on the front pulley bolt and turn the crank clockwise until you feel
compression. remove plug 1, and stick a plastic soda straw or a thin stick in the hole to feel for the piston.
(1) continue to turn the engine until the piston tops out. if you go too far, turn it back. you want the piston at the top of the stroke. remove straw, replace plugs.
(2) set timing.
(2a) remove distributor cap, noting location of #1 wire.
(2b) loosen distributor bolt so you can turn the dist body. turn it so that the #1 wire would be at the current rotor position.
(2c) replace cap.
(3) advance the distributor (counterclockwise) about 8 degrees. tighten distributor bolt.
(4)now you need to fine tune it, and i'm in over my head. got a manual?

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'84 2m4 se, a work in progress http://www.mtsu.edu/~mkr2c/fiero.htm

I have a running engine. What I need to know is the process to time the engine by GM's specs. I want to be sure and not toast the ECM when I ground the ALDL.

To time your Fiero: Get a 15mm socket-ratchet with a 3" extention, a paper clip, a timing light, a small star drive to remove the little plate over your cigarette lighter, and some chaulk.

Mark a little white spot on your timing mark on the flywheel pulley.

Remove the plate over your cigarette lighter to expose your computer terminal plug, open your hood in back and start your car. Place the paper clip ends into the lower right (passenger side)two computer plug holes to ground away the computer and isolate the timing.

Put the positive red lead of the timing light on the + battery terminal and the black lead on any ground, and clip the timing lead onto the #1 cylinder wire near to the #1 plug. Your timing light is now ready.

Loosen the 15mm bolt that is on the block just to the left of the distributor, on the distributor holder bracket, just enough that you could rotate the distributor with a small amount of effort.

Lean over the right side of the rearend and use your right hand to run the timing light and your left hand on the distributor. Turn on the timing light and aim it at the mark.

Rotate the distributor counterclockwise to advance the timing and clockwise to retard the timing. You want the timing mark to be at the 8 for 8 degrees advance.

Next remove the timing light clip on the #1 wire and put it onto the #4 wire. Re-time the Fiero. NOTE THE DIFFERENCE BETWEEN THIS MARK AND THE PREVIOUS MARK! Replace the clip back onto the #1 cylinder and rotate the distributor so the timing now goes exactly between the two previous marks. Tighten the distributor tightening bolt and remove the timing light and paper clip. Replace the panel over the cigarette lighter.

Your Fiero should run GREAT!!!!! BTW if you don't do this in California before a smog test you will not pass, as your timing being off will fail you.

Gary Sconce- 'yosemitefiero' guy.