What I do, also because Dr Benz has referred to this approach, is to set the timing 'by ear' meaning I adjust the timing with the engine running and just checking to see at what setting the engine seems to run the smoothest, rev the easiest and so on. To do this, I slightly loosen the distributor clamp, put on a glove, pray I won't get electrocuted, and start very slowly turning the dizzy in both directions until I find the sweetest spot. Then I check to see just how far off I am from the standard timing. It's been a while since I adjusted my timing but I know I am not at standard spec. I also know from having tried this out once, with a vacuum meter hooked up, I was able to significantly affect the vacuum by changing timing.