The US Mangusta, as far as I know, used the 68 302-4v Ford.
It is a very "mild" engine. Camshaft timing is the same as the 302-2v.
It has higher compression then the 2v, advertised as 10.5:1.
The distributor I have for mine, is the manual transmission part (according to Ford listings) and has a single port vacuum diaphram.
As far as I know, the vacuum diaphram is calibrated to use intake manifold vacuum, rather the carb port vacuum.
Stock advance setting at idle is 10 degrees.
Mechanical advance on it is slow. It is supposed to be fully in by 5000 engine rpm but never quite seems to get there.
At 10 degrees initial, you will see probably about 34 degrees total advance.
34 to 36 is about all the engine will respond to AND that was for 103 octane pump gas.
The 289-302 engines seem to be able to run decently on even regular grade pump gas.
They can be difficult to detect pinging and on a Mustang, you usually need to pull the shift boot off so you can hear the sound of the exhaust.
If you are sure everything is stock in your engine, set it to 10-12 degrees at hot idle and leave it.
What you get out of it is all it is capable of delivering and really is pretty much out of breath by 5500rpm.
Now if you have modified the engine even with just a camshaft change, then you need to experiment with the distributor settings.
Likely it will like 12-14 like the 289hp engine does and you will benefit by changing advance springs for a faster curve.
Advance all in by 3500engine rpm is likely the quickest you will be able to run on high test pump gas, but with a modified engine, all bets are off and you are on your own to find the best combination.
In "the old days" with Sunoco 260 (103 octane) right in the pump, you could be all in by 2,500 engine rpm BUT speaking from experience, the springs that were used for that were so light that they would stretch out quickly, i.e., fail.
I have had success with using 14 degrees initial timing, and 36 total on high test pump gas in my 347 (which is a 68 3024v) and setting the rate of advance to be all in around 3500-3800.
Try the stock 289HP distributor springs for this. There is one heavy spring, and one medium spring.
In any situation, the 302 is an easy engine distributor to time to your situation.
Like I said, if it is all stock, use stock timing settings. You cannot go wrong with that.
If it pings, all is not lost, it is probably the rate of advance is too fast for your gas and you may be able to just back off 2 degrees or so initial and be finished with it.
Just MY experiences with this engine over the last 40 YEARS. Not trying to throw mud at anyone else or say I am smarter then anyone else.
Hope this helps. That is the interntion.