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Assuming you have the original distributor & the points gap set correctly, the small plate with some timing marks on the right-hand side of the distributor can be loosened & moved UP to advance the timing, or DOWN to retard.
Here is a diagram, to see how to set your timing with the distributor off the engine, positioning the shaft to the bolt holes, using this adjustment.
Then adjustment can be made on the vacuum brake (the bolt & locknut sticking out from the distributor body, by the timing plate screw) for vacuum advance.
Turning the adjuster OUT will advance the timing, IN to retard.
You will get best performance & economy by having as much timing advance as possible, but without pinging under load at lower rpm.
Sorry Lars, I just looked at my distributor & the vacuum brake adjuster is on the opposite side to the timing plate, not beside it. But some are on the same side.
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