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Skip the timing light and get a vacuum gauge. Cheap ($10 to $20) and has more uses. With a vac gauge timing is advanced till highest reading then backed off a bit as necessary.
There's a little more to it. When you bump timing to a level that gives better vacuum, then you usually have to re-adjust the idle speed (too high now), and sometimes the idle mix screws, then repeat playing with timing to re-maximize. Then likely re-adjust the carb. Once you get everything set, take it for a drive and see if it pings on hills. The engine needs to be fully warmed up when doing all this.
Guess I am just old fashioned. I have never tried timing with a vacuum gauge. I would get a timing light, start with 6 degrees BTDC and you should be in the ballpark.
It's true, timing and idle speed and idle mixture all interact with each other. But that's going to be true using a light as well. Same difference.
A vacuum gage helps make setting all three simultaneous easy and right on the nuts. Easily one of the best tools to keep in your box, and surprisingly little known. They may pre-date timing lights? Dunno.