With a RV cam (mild lift and duration) your final advance will probably be in the area of 12 - 15 degrees BTDC. This will be a comprimise between performance, fuel type, and starting. The farther you advance the timing the harder to start and the higher octane fuel that you will need to run to keep from getting detonation. You will just have to experiment with it. Remember that a little less performance is worth a lot of miles of engine life.
I ran a similar wet up on a 69 351W. I ran a much more aggressive cam with Rhodes lifters and roller rockers. My final advance was about 20 BTDC. Stat near factory and work your way up slowly. Wait until you have a feel for things and the engine has some time on it. Then move it up a few degress and see how it feels. The MSD is great! It will make up for a lot of short comings in you carb tuning, so watch out not to get your mixture too rich. The MSD will ignite it, but you may waste a lot of gas. Good luck!
[img]/wwwthreads_images/icons/cool.gif[/img] MG48 - 88 Bronco