I have a 94 that my brother replaced the timing belt a few years back and it has been off ever since. How do I set initial timing? I have heard that you point the cam and oil pump pullies at each other and set the crank to #1 tdc and go from there, is this correct?
Thanks in advance.

the belt is off or the timing

what happens to the engine if the timing belt slips off?

Remove the timing belt cover. Loosen the tensioner guide bolt and loosen the tensioner spring bolt, but DO NOT LOOSEN IT ALL THE WAY, because the spring is a pain to get back on. Loosen the spring bolt until you can easily pry the tensioner assebly in the zero tension position (all the way to the left). Then slide the belt off. Align the triangles on the cam and align the diamonds on the oil gear. Make sure the #1 cyl is at TDC. Once all that has been checked and rechecked wrap the belt back onto the system starting with the crank then the oil gear and then the cam gear making sure there is abaolutely no slack between the gears and that none of the gears moved when you were reinstalling the belt. Once you have the belt on loosen the tensioner guide bolt and then retighten it once the tensioner applies tension. Rotate the crank I believe three times and check all alignments. If all is good. Put it all back together and fire it up.