That is a great light, you should be good to go by just hooking the timing light up properly with the pickup on the #1 plug wire,
slightly loosen the bolt on the distributor hold down.
disconnect and plug the vacuum advance line at the distributor,
start the engine and let it warm up,
then bring the rpm's up to 3000 or so,
Point the timing light at the timing mark, and turn the dial clockwise until the timing mark on the harmonic balancer is aligned with TDC on the waterpump housing.
If you are between 32 and 34 you are done.
reduce the rpm's to their normal speed for idle, make any necessary SMALL adjustments to the idle speed and mixture screws.
Check the timing again at idle by using the dial to once again align the timing marks to determine the initial setting.
hook the vacuum advance back up, if the idle changes you may have a vacuum leak at the diaphragm in the advance canister.
Subtract the initial timing setting from the number you set the engine at at the 3000 rpm, this was you will be able to determine the total mechanical advance of your distributor.
shut down the engine and let the engine cool if necessary and tighten the distributor hold down.
restart the engine, double check that you did not move it off the initial timing setting and you should be good to go.
Test drive it, if there is any changes to be made from there they should be 1 or 2 degrees either way, which really should not be that significant.
Good Luck