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Thanks so much for all the helpful information guys. I'll make adjustments this weekend and report back with my progress.

I should clarify..... By saying spark advance all the way up or down I mean the position of the lever, not the advance itself.

Timing has been set with a NuRex timing wrench (not sure if I trust it yet), points are gaped at .025 and the cap is gaped to .020. Motor is currently running between 190 and 200 even while driving. We put a vacuum gauge on the truck today and only made 16 pounds with the spark advance all the...