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Yes, you need a timing light in order to set the "idle timing" which must be set to whatever it states in the service manual. Hopefully someone here has the manual and can advise you of that setting.
It is adjusted up or down as needed via the nylon threaded yoke.
This idle timing must be set when the scribe mark on the cam is dead center with the throttle cam roller.
I have the first scribe mark lined up with the center of the throttle cam roller, however, i'm not sure whether that is correct because the nylon threaded yoke needs to be correct first, I believe.
Timing adjustments on this motor are not the same as an old 283 chevy.-----------With the motor running and timing showing " idle timing " you adjust the throttle linkages so that throttle opens at that point.-----------I do not have my manuals at my computer desk but the timing should around 2 or 4 degrees BTDC.-----It is called " idle pick-up / throttle pick-up timing " and it leads to lots of confusion for folks trying to adjust this the first time.----As stated , these things rarely need adjusting !
Many folks start adjusting when they see the gap between the roller and cam.---------------In fact the gap is a good thing.---------A big gap there means the motor is running / idling with ignition retarded and is in good shape.