[analogkid455]

When you set the idle screw on the carb the throttle plate should cover half of the transfer slot or less. That is most efficient. If manifold vacuum gives you to high of an idle, switch to ported. You can also get an adjustable vacuum advance canister.

For max. mpg, I would run as much vacuum advance as you can without detonation once you set initial and centrifugal advance.

Initial timing should be set to give you reasonably easy starting but enough for increased cylinder pressure, which equals torque. You will have to set up centrifugal advance for total timing and how fast the timing comes in for max. power without detonation.