Since these cars are so old, there have normally been a few "upgrades" that have been made that you need to think about when you are going to time the engine. You may even have a new(er) distributor.
It sounds like you have carbs, so that's a start. Here is an article on how to set the timing
http://www.pelicanparts.com/techarticles/9...iming_carbs.htmIt took me a while to understand how points work (important to the timing)- the main thing to remember is that as the engine rpms increase, then points will move, and adjusts the distributor for you. The points are normally fully in play at 3200 rpms. This means that you need to have someone rev the car up to 3200 rpms, while you stick your head in the engine and set the timing.
another important thing to note is the dwell angle (it's a part of the points). If you didn't mess with too much stuff inside the distributor, then you can probably not worry about this, but if you did take the cap off, and adjust the points inside, then it would be a good idea to have a look at this:
http://www.pelicanparts.com/techarticles/9.../914_timing.htm(note that the timing in the above article is for a stock fuel injected car - not one with carbs)
one last thing - it is possible to put the distributor in 180 degrees from where it should be, and this will be pretty bad for the engine. Take your time when you are putting it back in.