The "shade tree" way to do it is to remove the distributor and keep fiddling with the point gap adjustment until you have it exactly at the spec gap, with the points fastened down tight. The term "fiddling" is because when you tighten the points down, it invariably changes the gap a little. Stay at it until you have both sets of points set exactly right, with them fastened tight. With the gaps set correctly, the dwell is right.
Be sure the vacuum brake is in light contact with the breaker plate, then set the advance by ear. That is, advance the timing (move the timing adjustment down) until you start to get spark knock, or pinging, on throttle burst acceleration in second gear, then back off half a mark on the timing adjustment, and test again.
If you don't have a bench type timer then set both sets of contacts to .014" and she will run fine. Of course other components inside the distributer should be cleaned and lubed, checked for wear etc. Regards, Kevin.
Setting points seems simple. However, point gap, dwell and timing are all interrelated. Probably best to send it out to the pro's who use a machine and can run it in a bit.
If you want to set it up yourself go to Vanpelt for details. I believe that info is from the Ford shop manuals: http://www.vanpeltsales.com/
Hope this helps since I plan to do the same soon - Bob