Sorry Tom I overlooked that you have a 2500 converter. If it's a 318 it will work ok, but a looser one would be better. If it's a 360 its fine.
I also just noticed you asked about advancing the cam. I believe that cam should have 4 degrees of advance ground into it. That will do you ok. I'd highly suggest degreeing it to make sure it's where it's supposed to be which is 106 ICL.