Can someone explain timing procedures to me?

You sont say what stall the convertor is but I'll assume its a stocker. Running some quick numbers I see a small cam and a lower static compression with a low stall and no gear. I'm not sure if you're chasing a problem, but I'd go like this. The base timing should be high/ Base timing is your initial. That;s what is set by turning the distributor at idle, with the vacuum disconnected and the carb line plugged. I would set that at 18°, with the idle speed set to 750rpm. The next part of the system is the total advance which includes the centrifical advance in the distributor. On MPs, you set the centrifical amount by adjusting the set screws down in the body of the distributor under the pickup plate. You test by using the timing tape or a timing light with the advance function. Slowly raise the rpm in park until the timing mark stop advancing.. Usually around 3500 rpm Record what the tape says in terms of degrees... You will want to subtract the 18° from it, and that is what you have for centrifical now... I'd guess it will be something like 25°. you'll have to re-set the screws so it only advances about 20° so you end up with 38° total. Get those set, then reset the carb's idle speed and mixture. Then we can start on the vacuum advance setup.