chaimv,
Your rig is running, so you only need to check, or fine tune the timing.
The best way to approach this is with a timing light. If you don't have one, maybe a friend does, or a rental yard might.
The light is attached to the battery, and the pickup is hooked #1 plug wire.
The timing mark on these engines is usually a ball embedded in the flywheel. It is located in a viewing hole above the starter
A small pointer, looks like a nail, hangs down in the access hole, and when properly timed, the steel ball and pointer will line up....frozen in time by the strobe of the timing light.
Rotating the distributor will make the ball parade forward or backward. This is called BTDC or ATDC...before top dead center or after top dead center.
What you are seeing, is when the plug fires, in
relationship to where the piston is in the cylinder.
These are the highlights. More people might pop in with details I have missed.
Stuart