Timing question 318 with LD4B

Thanks everyone
UPDATE: I put a Mr Gasket fuel gauge at the carb inlet form the filter, and it is only showing 2PSI?? Once engine is started it will idle and even rev up nice, but then it will die if you just quickly let off the fuel. But I am surprised it would run with this low fuel pressure. Is it possible the gauge isn't working , or more probable that the fuel pump the previous owner put in is this low of pressure? Could that low of pressure cause the backfiring when letting off fuel?