The timing light is for checking ignition timing. What you need to do is get your valve/cylinder timing right via proper reinstallation of the timing belt. If you have a FSM or a haynes manual on the vehilce, you should be able to go through the install/retension procedure outlined therein. The woodruf key makes the cam gear align properly on the camshaft and there should be marks on the cam gear that align with marks on the engine block (see the manual). As long as your valves/cylinders didn't get screwed up when the key self destructed, you should be ok.

Since you've been messing with the distributor, there is a good chance that you will also have to check the ignition timing. Unless it's way off, you should still be able to start the car and you can roughly adjust it via small adjustments during warm idle. Just rotate it slightly to get the smoothest sounding idle. Of course a timing light would be the best tool for adjusting the ignition timing - again, see the manual for the procedure.