The distributor will dictate your base timing setting. If the car runs best with 34 degrees of total timing (that'll be pretty close, although anywhere from 32-37 is a very effective range) then you need to subtract the advance that the distributor offers. That can be anywhere from 20-30 degrees, which leaves the balance as your timing setting at idle. Once you figure out the best timing setting for power (advance it until you start to hear pinging under load, then retard it 2 degrees), Then dial in your carbs. After this is when you'll want to do a dyno session, otherwise you'll waste a LOT of money covering the same issues. On the dyno you can adjust the carbs even closer, maybe try a different timing setting or 2, but that alone can eat up $150.