Re. ignition timing: Centrifugal advance starts at 400-450 RPM. I can't get my engine to idle that slow or at least I'm unwilling to muck about with the idle stop screws on 2 Zenith carbs with loose throttle shafts to get it to turn that slow. So I only use the static timing method because advance is well along at the 800 RPM idle speed and I have no idea what the timing should be at that RPM. This is a perfectly adequate method assuming a distributor in good condition.
Just to review:
1) Set the points at factory spec if you're using the original ignition
2) Set the "octane selector" to zero and tighten it down (its marks line up with a mark on the block).
3) rotate the engine to the 0 TDC mark (may be the "UC" line or a triangle depending on flywheel year - not the pressed in shiny ball) look it up. Some marks are for checking cam timing.
4) Loosen the screw clamp on the distributor housing and rotate the housing until the points just break open (You can watch for spark with the ignition on. Don't do this with a HEI ignition. The shock can be lethal.
You can use a cigarette paper in the points to determine when they open.
5) Tighten the screw clamp.
6) Loosen the octane selector hold-down bolt and move the assembly to the 5 degree of advance mark.
7) To check your work, rotate the engine till the silver ball lines up with the pointer and using the cigarette paper or spark method check that the points just open. I believe the Ball is at 5 degrees on all of them but I invite someone else to verify this.
8) Loosen the hold-down bolt and using the vernier scale on the selector move the assembly to the advance you want.
9) Tighten the hold-down bolt.
I don't know it the above will work when using an HEI with a Hall-effect or reluctor-wheel pickup. My MSD uses the original points as a trigger. One may have to have the engine running to trigger those systems.
