Can someone explain timing procedures to me?

Awesome! Here's my combo:

1971 Demon
TF904 (torque converter definitely not optimal)
2.76 7.25" rear end (upgrading to a 2.94 8.75" soon)
fuel type 91 octane
Live in the central valley of California - hot summers, freezing winters

As for the engine:

1998 5.9 Magnum
4.030" bore
3.58" stroke
ProTopLine/RHS heads 1.88/1.6 valves
Stock 1.6:1 Magnum rockers
Stock Magnum lifters
Stock Magnum pushrods
STL-H405CP30 pistons with +10.00cc piston dome volume
Hughes Engines HER1418ALN .520"/.544" lift; 214/218 degrees @ .050" duration; 108 degree LSA
MP "orange" electronic ignition with MP electronic distributor (w. vac advance)
Edelbrock dual-plane RPM Air-Gap intake manifold
Hooker Comp headers
Bouchillon Performance harmonic balancer/5.9 flexplate/neutrally balanced torque converter