55* total timing? WTH?

Like PH says, check the TDC mark 1st.

55° total with the vacuum connected is not all that crazy. 15° initial sounds good to me too. However, don't worry about either one of those right now. Disconnect the vacuum, and set your total (mechanical) advance to around 35° at whatever RPM it stops advancing, probably around 3000 max. if its a stock distributor. Reconnect the vacuum and see how it runs. Should be O.K. This is over simplified, I know, but it'll get you close.