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I've always gotten the best mileage from setting the timing by ear. Advance the timing until the pinging just barely happens under hard uphill acceleration. If you are not comfortable with even a slight ping under hard acceleration then just retard the timing a tiny bit.
I've also found that the engine will run a tiny bit cooler with the timing set this way. This helped me when I was driving in 100F heat with the A/C on. The engine would run at the upper limit of normal on the temp gauge. But with the timing advanced the temp would run a bit cooler.
If the engine 'bucks' when trying to start then you are way too far advanced.
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