I looked in my old 1976 motor manual. Said anywhere from 4 to 6 degrees depending on how truck was equipped. The 12 degrees is where I set mine at. Only a suggestion.
I did a google search found 8* for a 77 292. Can't find it know.
Easy to prove the timing marks on your motor. Bring #1 up on compression stroke and see where your timing mark is. Adjust initial timing from there.
What makes you think you have the wrong balancer?
