Can anyone tell me how to correctly "index" or "phase" the neutral safety switch? I was just going to put the shifter in Park, try the key and if it works, put the shifter in reverse and try the key again.

If it does NOT crank over in Reverse, go on to Neutral, etc. If it DOES crank over in Reverse, move the switch until it no longer does, then try Park, Neutral, and the forward gears.

Is that the best method or is there some other more "sophisticated" way of doing this?

Ben
'79 L48 undergoing S-L-O-W transformation!

There is a small hole in the neutral switch which lines up with another small hole inside the switch. Put the car in neutral. Loosen the switch, move it until you can line up the holes and put a small pin in place. With the pin in, tighten down the switch. Remove the pin. Done. New switches come with the pin in place.