The original setup for 71 would be a combination vacuum module, for both advance and retard.
The two functions come into play at different times, for different reasons. The advance only functions at part throttle, to help make the engine more efficient. So it gives somewhat better gas mileage (1 or 2 mpg), and slightly better mid-range throttle response.
The retard is an emissions thing; it only functions at idle and, at least in theory, reduces unburned hydrocarbons at idle. But it also raises fuel consumption and CO2 output, as well as making the engine more prone to overheat.
Note that the 4 ATDC timing figure is with the retard connected and functioning. If it is disconnected or non-functional, the timing should be more like 10-12 BTDC. However you may have some trouble getting the idle rpm down without it. On my Stag (which has a similar setup), I had to adjust the float bowl vent valves as well as the idle screw.