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I can only speak from personal experience, but when it comes to a stock setup there was no need to use a mechanical pump higher than about 5.5-6 psi. I used to regularly race mine in the early '90's and often had e.t.'s equal to, or quicker than when these cars were new (referencing magazine...
Point gap (dwell) absolutely affects timing. This is why dwell should always be set before timing is adjusted. The bigger the point gap (less dwell) the more the timing will advance.
Keep in mind back then the engine was still factory assembled, 85k+ miles, and F70-14 redlines. I wanted to see how it could perform in showroom trim. Never got to find out what it could do with a decent set of tires.
4-5.5 psi carter pump with separator. I used to race it at a few different events every year late 80's-early 90's. 14.20 at Maple Grove. Stock 440 mag including single point ign.
If you have a stock setup why would you need a higher pressure pump than what was originally used? I'm using an M3672 pump with both an AVS2 and the original Carter 4429 in conjunction with the oem vapor separator and have zero issues with fuel delivery. What carb are you using? Might need a bit...
From a personal standpoint, I use an avs2 for local shows and cruising in order to preserve the highly restored original 4429 used only for shows such as Carlisle. Best of both worlds. Believe me, I'm all for correctness.
Just to eliminate a possiblity, take out your distributor and while rotating the shaft maually, check the reluctor gap at each point to verify you have a consistent gap, I think it's .008" using a brass feeler. I have seen a replacement distributor have a certain amount of eccentricity, causing...