Yeah but you don't want the dowel and the key facing each other as this would still mean they were on the same imaginary straight line but they'd be out.....well the crank would be 180 out. So make sure they're both pointing toward four o'clock.

I would check the new chain for any sort of markings, it may have some stamp marks instead of the bright links. But you can still fit up the old chain just to be absolutely sure and then get it all lined up. Then put the new chain on.