1. make sure that before you set the timing that you also set the octane selector to "0" and retighten bolt, then loosen the screw clamp around the distributor. When done move the timing selector back to aprox 6 degrees or 3 marks and retighten.
2. If all's you got is a vac guage you can set the timing. First set the octane selector to "0", then loosen the screw clamp, disconnect the vac from the distributor, plug the carb vac port, then hook up a vac guage to the intake manifold, slowly turn the dist til the highest vac is achieved. Then shut her down and retighten the dist clamp. Reset the idle back and start it up. If it starts good hot you are ok. Finally reset the octane selector to about 3 clicks advanced. Take it out for a ride.