B&M Converter is bad

I'm assuming you have a vacuum gauge because you have a reading. Bump up the initial, readjust your idle. Set your air/fuel mixture on the carb using that vacuum gauge, turn the screws out and watch the gauge, you want the highest reading you can get, and then turn them back in slightly.

Always remember timing first carb second. You are plugging the vacuum line at the carb when you unhook it, correct?

I don't recall what cam you are using but I would think you could find more than 1" of vacuum.