I want to make sure the timing is set right on my 94' caddy 4.9 engine.
Is there anything that needs to be done prior to hooking my timing light to cyl #1?

You need to jump the ALDL port with a paper clip, there should be a diagram on here to show which wires. By doing this, it disables the electronic timing advance so you can time it correctly. If it does not start when you do this, then you just have to mess with the timing a bit.

Mark the crank pulley and timing chart with chalk to make your life easier too.

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-Kyle
Email: kakagiraffe@gmail.com
Aim: Littlechugger
1988 Notchback 4.9 V8, 5spd Isuzu, Spec Stage 4
True Dual Exhaust, Delta Cam
1993 BMW 325is 2.5L I6 DOHC

Is that the 'Fixed Spark Timing' lead on the PCM? Do I ground it?

Jumper pins A & B on the ALDL plug (A is ground and B is connected to E12 - or should be).

The factory setting for the 4.9 is 10 degrees. If you run 93 octane,which you should be doing anyway, you can go up to 14 degrees for some more go. WARNING: These engines dont have a knock sensor so dont get greedy and advance it past 14 (12-13 would be better).