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If you time a flathead like it says in the owners manual is that pretty accurate?The book says to line up timing marks and rotating distributor until the spark then lock it down!I don't have a light to use.
Do you have a vacuum gage? The static timing method you describe is a good way to get an initial setting, but a better way is to hook up a vacuum gage (to manifold vacuum, not the dizzy advance vacuum). Advance until vacuum maxes, then retard until 1" below peak vacuum. Test drive to make sure there's no pinging, retard a little at a time if needed. Don't go more advanced tho.
I do mine like the book says - sorta. I line up the marks and then set it where I get the throttle response I want thru the whole range from off-idle to wot. I have a timing light but don't bother to use it. Flatheads are easy. Been doing it that way for 6 years on my daily driver.
I'm sure Ross is right on, but I don't have a vac gauge.