Yes this is how I have set the advance to operate on my 351C.
It gives you advance when cruising as manifold vacuum increases during cruise conditions thus operating the vacuum advance mechanism.
The amount of advance produced is in proportion to the level of manifold vacuum, so a small opening of the throttle will only reduce the advance a few degrees, as you open the throttle progressively further (increasing engine load) the advance is progressively reduced.
As load decreases (engine speeds up) advance will progressively increase.
I use low octane unleaded (91 octane)
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