Hesitation issues - need help

Thanks for all the great advice, some of which may require further explanation/education. For now, here's what I've done: checked the float bowl (it spilled a small amount so it was a little high), pulled the float needle and made sure it was clear, dropped the float a little, replaced the fuel filter, replaced the coil and checked the timing. Factory spec for the 318 is 10 degrees BTDC - I was advanced beyond that, so I brought it back and actually on last check last night it was retarded a little (probably around 8 degrees BTDC). Wondering where the timing should be with the cam I'm running - any suggestions? (Also, barnett468 - I was going to go with the 262XE but as a newcomer to this game, maybe got "greedy?"). Took it for a spin and everything is running much better, although I got a couple of backfires when re-accelerating after slowing down a bit. This morning it was tough to start, then after it warmed up, wicked high curb idle in park (but not in gear). But hesitation is virtually gone and it cruises fine now between 1200-1400. I got new ignition wires and plugs that I'll probably put in this weekend too, and maybe replace the points while I'm at it. Then if things are still even the slightest bit funky, I'll start looking at all of your suggestions about the accelerator pump, power valve, transition slots, etc.