So when setting up a distributor, you work from full power backwards, and do the vacuum advance last. It helps if the carb is pretty close, and you'll have to retrim the idle mixture as you go.
1. Disconnect vacuum advance and plug carb ports.
2. Determine total advance required for best WOT performance (advance/retard to lowest ET).
3. Determine initial timing (advance to smoothest idle/highest steady vacuum).
4. Adjust mechanical advance to give this spread. (So, if your car was quickest with 34 degrees total and idles steady around 14 you need 20 crankshaft degrees of mechanical advance. That's 10 in the distributor).
5. Adjust mechanical advance rate for low RPM performance. (Lighter springs will bring the advance in at lower RPM, but too light will cause detonation. Trial and error).
6. Connect vacuum advance to ported vacuum and tune for part throttle and cruise. (Counterclockwise to decrease/delay. You are only concerned about 1/4 throttle detonation here. Start with the screw mid range which is 8 turns or so from full clockwise).
In most cases, you'll want the vacuum advance connected to the ported source, so it's not a factor at idle. But, if you're running a cam with long duration and have a low static compression ratio your engine may like enough initial timing that it will be difficult to start. In this case a better idle can be accomplished with less initial timing and connecting the advance to full manifold vacuum. Your 273 will be fine connected to the ported side.