Try setting the initial with a vacuum gauge. I explained how to do that in another post. If the engine wants 20* initial, give it 20*, don't select a nunmber just because someone says, "It should be "X"." The engine will tell you what it wants. Generally, more initial lead = higher vacuum. The higher the vacuum signal, the easier the carb is to tune at idle. IMHO if you have any camshaft in excess of 215* @ .050, it's going to want more than 12*.
You can't even think about total timing right now. STOP WORRYING ABOUT IT FOR NOW! That's the second part of the equation AFTER you figure out the initial advance requirements.
Like I wrote in another thread, my basically stock 340 (218* @ .050) likes anywhere from 16-20 depending on fuel.
BTDT = Been There, Done That.