You can't time an engine without a light - a good light and a balancer that is marked to at least 34 degrees.

With the vacuum advance disconnected turn the engine up to 4000 rpm. turn the distributor until you get 34 degrees and lock it down. reconnect the vacuum advance and you are as good as that distributor will get you.
For the best performance limit the distributor advance to 10 distributor degrees (20 crank degrees) and set the initial advance at 14 on the crank. Have all the mechanical advance come in by 2500 rpm and your engine will come close to being optimum for MOST SBF's.

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Paul
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retired mechanic after 35 years
specialized in Holley carbs and Ford Automatic Transmissions