FBO plate over advancing

Sounds like you're on the right track. I have said this hundreds of times. DO NOT TRUST A DIAL BACK TIMING LIGHT unless the advance mode is verified. Heck I have seen 0 off also. The potentiometers wear out and gives assuming results. Check it with a timing tape or against a digital light or it will drive you nuts. Also that advance cam will only give you 15 dist degrees maximum The FBO plate can only keep that or go lower something to keep in mind also.
I trust a decent brand digital light, but not an analog with a dial. Just think of all the variables. How the dial is installed....it could be clocked a little off. The knob might be off a little. The sticker with the degrees might be off some. And on and on.

All of this talk about the inaccuracy of the limiter plate is exactly why I still recommend the tried and true old school method of welding and filing the governor slots.

And to those who say "run it stock", all I can tell you is, you've never curved a distributor, or done one correctly, because you'd never say that. There's a possible honest 25HP to be made there if done correctly.