Had to do a smiley face because I surpassed my earlier stupidity and figured out what I was doing. Used to have a 65 Chevy Belair and tuned it up all the time. That was in the old days before I forgot all I used to know and now my '01 Jeep Cherokee goes to the garage because they have the "Code" interpreter. Anyway, found out the following:
1. Was turning the distributor hold down clamp and not the screw which allows you to set the timing. Stupid Me!
2. Adjusted the timing to the ball on the flywheel. Ran ok but the engine was giving a little backfire so I did what a lot of people advise--adjusted and advanced the timing until it sounded right (about 5 degrees). Ran fine then. Vacuum gauge loved me and wasn't reading "late ignition timing". The distributor was okay and dind't need to move the teeth at all. Rebuilt the old Rochester carb with a kit and took it out for a good run. Worked great but I agree with Tom Langdon--"All inline engines were under carb'ed to sacrifice economy. So, next question, has anyone bought Tom's 2 barrel Holly/Weber carb and bolted it onto the original manifold with the 2 to 1 adapter? Am thinking I may want to do this but would appreciate feedback. Tom also recommended possibly using a 292 single carb because it has better fuel/air delivery than even the Holley. Any advice on this?? Thanks to all who pointed me in the right direction.