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Fletch,
I have the same engine in my cobra. I agree with Ernie on the initial timing starting at 12. If you can increase to 14 - 16 without pinging I would try it. If you are like me and are encountering nasty exhaust fumes at idle, the increased timing will help.
If you have not changed the stops in your distributor it should have the factory blue one installed. It is approximately 21 degrees.
Springs are trial and error. I would start by changing from the heavy factory shipped ones to two blue ones. You can mix or match any spring combination you feel has the engine performing the best, but I would also suggest that you start with your total timing all in at 3,000 and then adjust up or down from there.
I am running 14 initial + 21 in at 2700 on 89 octane gas. It seems to be OK. I have a new Demon Carb that I am still in the process of jetting. When that is completed I should be able to fine tune the timing.
Bud
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