Toyvo,

I couldn't find any dope on a '41 216 but enclosed is a link to data on a '46. This specs should be pretty similar.

If your rig pings it obviously has to much initial advance...you already know that. Start slowly retarding it until it no longer makes noise when the engine is loaded up and working hard. If it makes no noise and doesn't show any additional engine heating then you have tuned it for maximum initial advance. Total advance will be dependent on this setting plus whatever your centrifugal advance adds.

http://www.secondchancegarage.com/public/359.cfm

Stuart