Agreed, something is off in the mechanical advance mechanism. Even if you had your timing set @5 BTDC it would still show 31 degrees mechanical advance. Time to pull the cap/rotor and find out whats up. A "Generic" tune would be initial between 10-12 BTDC, mechanical 20-22 degrees, and if your using a vacuum can another 8-11 degrees.
Go to this link, it will give you a detailed tutorial in setting up the HEI including pictures.
http://www.pontiacstreetperformance....distcurve.html
Check it out and report back! JD
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Good luck to the new owner of the Ventura II! Sold the car after 13+ years. Look for it on the Hot Rod Power Tour in the future as it's currently being re-configured as a Pro-Touring ride!