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Set to what the engine "likes"...with a vacuum gauge. Advance the dizzy to the highest steady reading and then back off 1-2 hg. Adjust the carb idle mix to the highest steady reading and then adjust the idle speed. Go back through that routine again. You are now at your starting point. Drive it and see if it take more advance or needs less. Adjust accordingly.
Unfortunately, with the stock timing marks, it's difficult to see the timing beyond around 14° advance.
But, as Harte3 said, disconnect the vacuum advance and time it by vacuum. It gets the best results.
Then, reattach the vacuum advance and go for a drive. If overall it feels good, but pings under heavy acceleration, you can readjust the vacuum advance canister by sliding a hex wrench in the end (I think it's a 3/32") and turning it. I believe counter-clockwise makes the timing come in later, clockwise = sooner. It's around 1 - 2 full turns for 1hg of vacuum sooner, so don't be timid with your adjustments.
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