How do you adjust timing on a 273?

Unplug vacuum advance hose from distributor. Timing light and you should get (or should be) around 16-18 degrees. If not, there is a bolt that goes thru a clamp to hold the distributor in place and you need to be able to rotate the distributor by hand until you achieve 16-18

Whoah...

Let's not forget that initial timing will change total timing and even more so with a vacum advance distributer. There si nothing wrong with that initial timing but ALWAYS check total.

My advice is to plug off that vacuum advance and just run mechanical advance. Wither way CHECK THE TOTAL