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At idle, all readings will be low, you have to see what they read at full volume. This means removing all the plugs, blocking the throttle wide open, and cranking the engine a few rounds on each cylinder. That will give you your true results.
Ok, my time estimate would be about 30-45 minutes to do it realistically. It could be done faster if your fast. But no need to rush if you don't have to.
Do a wet and a dry test on all cylinders. A dry test is as you'd normally do and a wet test is done by pouring a bit of oil down the spark plug hole to seal the rings. If the number drastically changes, you have an issue with your rings.
Also, a vacuum test can indicate if your valves are good or bad. At idle, if the needle is jumping 1-2 inches, you have a bad ignition somewhere. If it jumps around 4", you have bad valves. You want the needle to be steady.
Timing light. At idle it is at 8 when I throttle it it advanced. May bump the timing up a bit. Wish I knew how to put photos up. I use my phone and don't have a computer. I just put roll on bed liner on and it looks great.
Yes that high. You will notice a huge improvement in starting, power, and some economy gain. The motor will have a lot more snap to it. Throttle response will be tons better.
Take your vacuum hose (or hoses) that is attached to the distributor and suck on it from the opposite end. If you can breathe through it like a straw, your vacuum advance is bad. If there's a fighting suction, the advance is good.