total timing reading accurate with no load?

You can also do what you are thinking and limit the amount of timing added by the Vacuum advance and delaying its start vacuum.

I assume the 40 total is without the VA.

Yup that's correct. I don't have much incentive to mess with the timing, I actually just put in a hotter thermostat (it was running only around 170 now it's around 195-200) and reduced the advance from its previous 24/44, actually has noticeably more power now everywhere and still feels just as strong at WOT in the higher revs (where I expected it to lose power). I think my hunch of the low compression/cylinder pressures with aluminum heads liking more heat in the chamber was correct.

@Mattax I have experienced the "full heat" soak you mention driving up through the mountains where you're fairly hard on the throttle for minutes at a time (maintaining 65 mph up a 6% grade takes quite a bit of HP). I have a high-flow Milodon water pump, high-flow 195* EMP-Stewart thermostat and ECP aluminum radiator which I hope will be able to reject all that extra heat quickly enough doing road course shenanigans.