How much time do you want to spend on figuring out the timing of this engine? The best first step is to buy a piston stop, take out all the plugs, and verify TDC. Match actual TDC to the pointer on the engine so that you know the zero point, and then use a timing light to find out the base timing.
Set base timing to about 12 degrees BTDC with vacuum advance disconnected and plugged, and then set the idle in Park to about 700-750. Then check your vacuum. With a good stock engine it will usually be about 18-19 inches, maybe more. Also verify that as you rev up the engine the mechanical will add about 18-20 degrees of timing. If you don't have a dialback timing light it will quickly go off the scale, but at least look for the advance. Performance will suck if that mechanical advance is not working.
Then reconnect the vacuum advance and adjust the idle if needed. If its on ported vacuum it may not change the idle, but manifold vacuum should raise the idle. Most stock vacuum units will add as much as 20 degrees advance, so you may have to set the idle back down if its on manifold vacuum (my preference). You want the vacuum advance to work, since it helps gas mileage quite a bit on the highway.
Once you finish all that work, then check for vacuum leaks and/or bad vacuum hoses. PCV valve is also a simple check (shake it to make sure it moves inside). Also check the big hose going from the carburetor base to the brake booster.
Bruce