The AF meter will only check the air/fuel ratio, The timing light checks advance. You need to measure your Af to and vheck your advance, if the AF is too righ you have to change the jets in the carb.. You have to understand what these instruments do for you, and adjust accordingly. Simple way to do this is oneat a time. Drive the car at your cruising speed, get the AF to 14.5 set advance at 24 check milage. move advance to 26 check milage. change carb to 15, check milage . Now check AF at WOT and AF. After you've done this a few times you can skip some of the test and combine them
The beauty of this system is the first test tells all
Gramps.
spending 5 or 6K on an engine build. Spending alittle time tunerng it might be worth the effort.