That one has the vacuum advance on the distributor I think so to check timing you need to unhook those lines and plug them so the car will still idle.
If you didn't unhook them then 12 degrees is probably close. But I would still set it to around 8 degrees with the vac disconnected then when you plug it back in the timing will prob jump to around 15-18. I don't know of anyone that gets knock when they set the base timing to 8-10 but depending on driving style and stuff it is possible it will knock.
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