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Well, this one ain't too hard. Warm up your engine, then turn it off. Remove the SPOUT jumper (grey plastic piece in a holder that's in the wire loom coming off the TFI module) and hook up your timing light. Make a mark on the harmonic balancer for the timing you want (factory timing is 10º, but lots of guys, including myself, run 14º...basically you want to run as much timing as possible until the engine starts to ping, then back off 2º). Restart engine and check timing. If the timing is off, loosen the distributor hold-down clamp and turn the distributor until you get the desired number. Retighten the hold-down clamp. I double-check the timing at this point, just to be safe. Once you get your timing right, turn the engine off and replace the SPOUT jumper.
One word of caution, and this has happened to me on more occasions than I care to mention. Be careful when you're turning the distributor, ESPECIALLY if you have older plug wires. I got zapped quite a few times in my early wrenching days by grabbing the cap to turn the distributor. Try to turn the distributor at the base if you can....fortunately it's fairly easy to do on the 300.
If your marks are the same as mine, there are "two sets" of timing marks, and the one that "looks like it might be the correct one"... just isn't. There are several threads describing this problem, and I found them very helpful. At least one had gone to the trouble to provide very decent photos. Search until you find it. Good luck. The local "Ford Dealership" didn't have a clue on this matter and couldn't get even close to correct. This forum was the bottom line on how to get the timing correct or I'd have given up and started looking for timing-chain problems, etc.
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