That is not typical, and in general you'd end up with a lower number (say, 40-42 BTDC) if there were broken rails. I don't know how you could get a reading of 49° BTDC unless the balancer or pointer are off somehow. You could check this with a dial gauge through the #1 piston spark plug hole.
Edit: You would find actual TDC with the dial gauge on the #1 piston crown, through the spark plug hole, using a long extension on the dial gauge. This SHOULD show TDC on the balancer, if not, the balancer OR pointer is off.