First prime the oiling system with a drill and oilpump priming shaft , the drill has to go in reverse.. A 1/2' drill will bog when the
oil is all moving . You'll show
oil pressure and everything. Then the distributor sound like you have it . I used to with an old points distributor set the damper at 4°bftdc and stick a grounded plug into #1 wire and turn the distributor back and forth untill it sparked. and tighten. worked out to be 8°bftdc. Didn't work on Malllory unilite. each wire position is 90°. The distributor has 15 teeth =48° each .Good luck and check it with a timing light. Too late timing will run but the carb will be open farther than if timing was correct. It might try to run on and deisel.