Timing is fine, factory setting is 6 degrees BTDC initial plus 20 degrees from the vacuum advance.
Air is getting past the throttle somewhere. Common leak paths include the carburetor and throttle body gaskets, carburetor insulator spacers, intake manifold gaskets, and of course, any of the engine vacuum fittings, hoses and accessories. Another overlooked item can be a worn throttle shaft.
At this point i would look at the throttle body gasket for correct style and the intake surface may have been milled in the past to fit milled cylinder heads causing an intake manifold gasket leak?