That's not the same unit that would be used in a late car but it does replace the 051. If you still have the constant vacuum throttle body it really won't work like it should. Changing to a vacuum retard throttle body will make it work right and yes, set to 38 degrees BTDC.
If you still have all of the vacuum switch over gear, and it still works, you should be using a 062 or 061 distributor.