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I have an '81 351M with a bad timing chain/gears. Can I simply install an after market multi indexed (-4, 0, +4) timing chain set and install it at 4 degrees advanced, and get the original power output "as it applies to valve timing" like a '70 351C / '71 400 had.
Any valve interference?
I won't be tearing the engine down to check clearances.
Follow the advice of the other posters and set it no more then at 0 degrees. If you are going to also replace the cam then follow the manufacturer's recommendations.
The person in the 460 section that had the trouble was Dan Poelstra with a sign in name of dpoelstra. He did have trouble with the motor not running right and he changed it back to 0 beofre he did any damage.
Setting it at 0 will not make a huge difference, but you should notice a little difference with low end torqure and a smoother idle. Make sure you reset your ignition timing as part of the job and resetting your idle mixture would be a good idea.