Static timing from memory is 8 degrees on that engine. And at a low idle, that's what the timing light will say too. Probably 10 degrees by 1000 rpm.
The marks on the block are 0, 4, 8, 12 degrees BTDC when aligned with the hopefully correct TDC mark on the pulley.
Set static, and use the timing light to confirm the distributor is advancing the timing, I think to 34 degrees for a standard distributor. Also confirm there is no timing wobble which is usually indicative of the bearings in the distributor being worn out. Cheap timing lights which aren't bright enough and don't allow one to measure advance are not worth bothering with.
But as I said before - bung in a new set of BP7ES and go for a thrash - commonly known as an Italian tune up.
