Wish I could be there. Brings back memories. If your harmonic balancer is calibrated, I would set initial timing without vacuum advance. You want no more than 34-36 degrees total advance, depending on what fuel you use.
Regarding vacuum advance, the stock units can add 15-20 degrees at light throttle, high vacuum, which is way too much total at 49-56 degrees.
For your drag strip trial, I'd eliminate the vacuum advance. Set the initial advance at about 12 degrees, and check to see that the total advance is less than 34 at about 2500 rpm. Your total advance should be all in by 2500 rpm.
After your drag strip trip, you may want to retard the timing a little, reconnect the vacuum, and make sure you're not running in the 49-56 degree range.
Others feel free to chime in, but that's my recommendation.
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