I cut my teeth learning to tune my '69 Camaro with a 307, back in the day.
I can tell you this... if you put the timing at the "by the book" setting, the engine won't fall out of a tree. Bump it up to about 8 degrees before TDC and see the difference in power and mileage!
The book setting is for optimal smog idling compliance, not actual driving. And smog performance on an engine that old is a laugh anyway.
Be sure to unhook the vacuum advance line at the distributor and plug it before setting the timing.
If I recall properly, each short mark on the timing cover corresponds to 2 degrees.
It also wouldn't hurt to pull the distributor (if you are comfortable about how to retime it) and make sure the centrifugal and vacuum advance mechanisms are working properly.
But first, borrow or buy a dwell meter (they aren't expensive) and get the points set properly. 28 to 32 degrees is OK. I used to set mine about 30.
Check yard sales, flea markets and even eBay for a inexpensive dwell meter. If you are going to mess with old cars, it is well worth the outlay.
--> Bill
