Generally, the "larger the cam" the more initial timing you want. Even a stock 340 "back in the day" specified ridiculous settings FOR SMOG, but most of 'em ran a lot better (I've forgotten) up around 8-12* initial.
I recommend a few things, first so you KNOW where you are, get/ make/ buy a "piston stop" like this:
Remove the battery ground for safety, get a socket to turn the engine, and remove the no1 plug. Be sure the piston is "down a ways" and install the stop. You may have to play with it the first time you use it.
Gently wrench the engine over until it "stops against the stop." This should be SOME distance from TDC, matters not too much how much. At this point, make a temporary mark on the balancer under TDC on the tab.
Do the same thing rotating the engine CCW. Now you'll have two marks some distance apart. True TDC will be halfway between the marks, and if the original is correct, that is where it will be.
NOW, either calculate "how many degrees per inch" around the outside of your balancer, by carefully measuring it AROUND the outside with a small flexible tape
Now either mark the wheel in degrees or buy a timing tape for the proper size wheel.
It's not that hard to mark, just calculate mathmatically using the circumference you measured. One easy way is to calculate for 40*. Make your FIRST mark ACCURATELY by measuring with your flexible tape. Take your time. DO NOT use dividers for this first mark, because you MUST measure "around" not lying flat.
So at this point you should have TDC confirmed or corrected, and a 40* mark.
NOW you can take your dividers and divide in half between the 40 and TDC mark. This halfway mark, which you can confirm from "both directions", that is from the TDC to the middle, and from 40* to the middle, will now give you a 20* mark.
Now divide a 20* segment in half, and mark that as every 10*. Once again, you can check from each 20 mark each way to confirm that the 10* marks are "in the middle."
Last, you can divide again, and get every 5*
If you run a vacuum advance you probably want to divide out to about 50-55* so you can check the vacuum can.