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Ok so I make the timing mark on the balancer align with the very very edge of the plate, past the hole??
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Exactly.
Like other motors the HO 302 are all different in regards to the timing they can take. I used to run 18* base on my 87 GT with 110k on it without pining on 87 octane. You'd have to play with it obviously to see what your motor likes.
Bob