did you set the timing with a light and the spout disconnected? if not you need to remove the spout and then start the car 10beg btdc is stock but you can go higher i run about 12deg in my 5.0 but if you go higher then you need to run mid grade or premium also. but there will be an increase in gas mileage that will offset the additional cost.
"Spout?"

I hope you are referring to the vacuum advance from the bottom of the carb to the distributor. I've never heard it called a spout, but then again I ain't from Jawja.
Yeah, be sure to plug up the vacuum hose that is connected to the distributor before timing it with a light. Try a couple of settings. Try 8 degrees BTDC first, then try 10 or so. See which one your engine and set-up likes best. Get that Pertronix electronic ignition for under 75 bucks, and you will thank me many times after installing it. If you want to go hotrod, then consider the MSD system.