Full advance is usually in around 2000 RPM.
Even 700 RPM is kinda high for a stock motor. Initial timing has to be checked at IDLE speed. Much over and the advance starts kicking in, and throwing your timing read off.
Like the guys say, do a hand check on setting your timing at 10 BTDC. For the idle, back the idle speed screw out, until it is off the cam arm...then, turn it back until it just makes contact, and 3/4s of a turn more. That will simply 'crack' open the throttle plate, and the thing should idle, if the timing is close.
If, and when it does start, check the idle timing and idle RPMs, adjust as needed to get it basicly set. You've also fooled with the mixture. Is it a four-barrel? If so, you've got 2 mixture screws. Once your timing and idle speed are set, if your mixture is off, one mixture screw at a time, slowly turn one in until the RPM starts to drop, and back it out to the highest RPM. Shut the motor off, gently turn that same screw in until it touches the seat, counting the number of turns it takes.
That number of turns is your basic mixture 'set'. Back that screw back out that number of turns. Then do the same thing with the other mixture screw (if you have two), gently seating it, and back it out the same number of turns as the other screw.
Start the motor, and check the idle RPM. If it's off, reset it to the right RPM. Mixture can affect the idle speed. Idle speed affects timing. They all go together, and needs to be right, to set each one.
