the spec on those is 6*BTDC, using 89 or above AKT fuel. I use that when using 89 octane gas (gas station) the gas docks here sell only 93 octane.
those Prestolite distributors have mechanical advance IIRC they are spec'd to give 12* advance at 3200 rpm for a total of 18*.
in the OMC owners manual it says to set it at 1*BTDC if using 86 AKI fuel (low grade regular) and 6*BTDC if using 89 AKI fuel (mid range gas). Here our low grade regular is 87, but in some high altitude regions it is 86 or even 85.
Marine inboards are highly loaded all the time, I always err on the side of caution with fuel octane, no point saving money to risk detonation.