D M, yes, you have it now.
The distributor is designed to be set up on a timing fixture off the vehicle, as access is very difficult in anything other than an open wheeled hot rod.
Unless you have a timing light and you have taken the precaution of fitting a timing marker you will just be guessing when you are sliding that screw up and down in it's slot. I must admit I mostly just centre the timing plate behind the screw, in other words set the timing straight up. I have never had to set one at either extreme of the setting.
Just a turn or two to loosen, you will see a plate below the screw, as long as that becomes loose that is enough. The plate covers a slot. The screw moves up and down in this slot. For a crab type, "up" will retard the ignition, "down" will advance it.
The screw will be a bit stiff to move in it's slot, you are rotating plate inside the dist. You will need to carefully tap it with a small hammer and a screwdriver to make it move. If you set the screw with the slot fore and aft you can use the slot as a purchase point for the screwdriver and tap the blade sideways. Gentle taps, though, skill is required.
Easier to do than describe.
Mart.