waldo's timing instructions are very nicely described.
As far as adjusting the carburetor is concerned,
I like to use a vacuum gauge (
everybody should have one) that can be connected to the wiper-motor hose-fitting on the intake manifold. (I also connect a tachometer) Set the idle speed to the tachometer reading RPM that you want (or, set the idle speed by ear), then adjust the mixture screw to maximum vacuum, which should also be the maximum RPM reading (as you move the mixture needle in and out).
another source for a vacuum gauge 
