Hello BMCE,
to expand on my post,
yes, road trial and error will give optimum timing for the petrol used but, unless you dismantle the distributor you will not know if the internals are right for the engine. The specification number on the side is a guide but the internals may well have been swapped anyway. So a check at above 3,000 rpm should ensure that the timing is not too far out from what maximum mechanical advance the engine should have. Over advance, as you know of course, is detrimental to both power and engine life.
The other point, especially if you have points, is that you can achieve your optimum timing by road testing then check with a strobe to see what it is. After that, the timing can be set to that figure with the strobe which should be easier.
Vacuum advance never works, even when new if you drive hard
Alec