340 has no balls

especially if the car is hard to re-start when warm, the timing is way too far advanced.

As for what the setting is, I never use a timing light so have never had any idea what my base timing is on my car. I'd pull a bit of timing out of it by loosening the clamp and turning the distributor clockwise just a small amount with the engine running. The you want to tighten the clamp and go for a drive. If the pinging has gone away, you're good to go....if it hasn't, pull a bit more. When I have a new car or combination, I drive around with a distributor wrench in the car and adjust it in parking lots.