Cost of setting timing, on a V8 ??

I would say overpriced. 5- 10 minute job, if he had to adjust the distributor ( first read of your post sounded like he only adjusted the idle screws and not the distributor). 2 minutes if he just adjusted the idle mixture, hopefully with a vacuum gauge. But the price is expected if you go to a mechanic. Believe it or not most mechanical shops don't make as much money as you would think. That's why there labor rates are higher than a body shop. Also, charged labor hours is a percentage of the actual labor hours. Where I live its 1 to 1. So if it took 1 hour to complete the work, the charge is 2 hours. In other places in the country s 2 -3 times the actual labor. So consider this when determine if its a fair price too.