Jeff, it may be best to begin a fresh new thread, rather than hy-jacking an existing thread.
But.... since we're here..........
First and foremost when it comes to ignition timing, the harmonic balancer must be accurately marked off and in phase with the crankshaft angle relative to #1 cylinder.
The outer ring on the balancer is rubber dampened.
These can occasionally slip and change position regarding original indexing.
The actual markings are on the the outer ring....., so you can see how this would affect ignition timing if it were to have slipped.
Ideally, something like this is what you'll want for a Std LH rotation engine.
It will be just opposite for a REV RH rotation engine.
...
Your BASE advance of 20* is simply incorrect. Something is definitely wrong here.
Either the balancer outer ring has slipped and you are NOT actually seeing 20* advance......., or the camshaft is not indexed to the crankshaft correctly.
In your post you mention using the advancing type timing light.
Is there a chance that this timing light has a glitch?
Is there a chance that you may not be using it correctly?
I'm not a fan of using the Digitally Advancing type timing lights for our Marine purposes. This is just too dang important to risk user or equipment error, IMO.
I want to see this advance in Real Degrees and in Real Time.... and this is why the balancer must be marked off, and accurately.
So........ IMO, first on your list will be locating true TDC for #1 cylinder.
Second will be seeing if the camshaft is phased correctly.
Assuming that this will be verified and/or corrected, the next thing will be the progressive ignition advance.
Without a prescribed progressive ignition advance (i.e., curve, limit and full in TA rpm), you will not be able to pull the potential power from this engine.
Do NOT settle for BASE advance only!
Take it further and see where your TA is.... and I'd suggest doing this with a standard strobe light.
Correct ignition timing is the only way that you'll get the max from your engine.
I'd certainly get this out of your way first!
Once these are verified, you can move on to other potential issues.
Jeff, I think that it's still best to start a new thread on this.
Most of us will see it and offer our help to you.
.