Hi,
Assuming your '69 TR6 is relatively stock and the engine is in good shape, I think it should have about 9.5:1 compression ratio. ISTR later U.S. spec TR6s increasingly had slightly lower CR, as emission controls were added. Because of this, I would suggest sticking with premium gas. The car will simply run better and more efficiently, probably making up for the extra cost of higher grade fuel in the process.
Do avoid pinging (or "pinking" in Brit-speak). It can and will damage an engine over time and indicates timing is over-advanced for the general state of tune and condition of the engine. The trick is essentially to get as much advance as possible and then back off just a little to avoid pinging or, more properly, "pre-detonation". And yes, as mentioned, it's possible to get timing pretty well set just by advancing until the engine reaches the highest idle speed, then back off slightly and test drive to be sure there is no pinging at higher rpms under load. A lot of folks don't bother with a timing light! After this, the carbs can be balanced and finally the idle reset. All this assumes the dizzy and vacuum advance/retard are working correctly.
Since you are new to the car, you might have to adjust timing a couple times. There's no telling how previous owners treated, serviced and maintained the car. Their driving habits might have been such that there is some carbon build-up in the cylinders, which will increase the tendency to ping. However, with some regular driving, especially on the highway, some of that carbon (if there is any) might clear out and the timing could then be set a little more aggreassively.
All the suggestions are excellent. Especially: pick up a manual. The Bentley reprint of the original factory manual is likely the best, but others from Clymers, Autobooks and Haynes can be very helpful, too. Of course, the Bentley manual is usually the most expensive. Try Amazon and eBay for better deals on these manuals, unless you want a brand-spanking new one to smudge up with greasey fingers!
The Petronix is a good unit, although some have reported problems. Problems seem to be most likely to occur if the coil/ballast/condenser aren't well matched with the ignition unit. But, this is just an observation on my part and I don't have Petronix installed on any cars, so can't give any solid specifics or personal experiences.
Oh, one last thing... check that the rotor, dizzy cap, spark plugs and plug wires are correct and all in good condition, gapped properly, etc., before going too deeply into setting the timing.
Have fun and welcome!
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