Distributor Over-Advancing

whoa :(

50* @4000 would spell the death of the engine at full-load WOT.
But in neutral and slowly reving, I don't think it's a big deal; I have run over 60* at 2250, while rolling down the hiway.

Its a dial back timing light, it seems accurate, the initial doesn't jump around and when I rev it up its very linear, it pings like mad and runs crappy in the upper rpms at 50, now being at 36 seems a ton better but still pings and runs funny, so I'm guessing that what I'm seeing is accurate.

Oh yeah I see where I missed it.
I agree with your assessment that the light is telling the truth from the "pings like mad".
At this point I have no idea, as I have never run the HEI stuff,
but I would agree with you that the mechanical system can't do that. And I can't see the coil doing it either.
And that just leaves the ECU