electronic ignition w/o a module?

Glad it helped - I have seen that error a lot.

Your voltage regulator is not related to the ignition control.

The distributor still has all of the mechanical advance components, as well as any vacuum advance if you are using that.

If you see the timing mark moving around at idle, check that the ring or cup under the rotor is solidly coupled to the rotor / shaft. Hold the rotor, and try to rotate the ring below it.

Sounds like you need to tweak the mechanical advance a bit on that distributor.

B.