The advance mechanism in your distributor does work, right? Test the mechanical advance by turning the rotor clockwise by hand. It should move about 15 degrees and spring back when released. The vacuum advance is tested by using a handheld vacuum pump/gauge. These are pretty cheap at Sears or HF. The vacuum advance should be connected to the ported (passenger side) nipple on the front of the carb. Once you determine that the distributor is in good health, experiment with advancing the timing. Don't even bother with a timing light. Rotate the distributor body counter-clockwise a few degrees (move the nipple on the advance can about 1/4-1/2 an inch) and test drive. Repeat as needed until the engine pings, kicks back against the starter, or you have a notable power drop. If you ever heard an old timer talk about "timing by ear" that's what you just did. It'll get you in the ballpark. Once you have it where you want it. a couple dots of white paint; one on the damper one on the timing cover, will make a good reference.
Next make sure you don't have a vacuum leak anywhere. Might as well launch the open spacer too. It won't help you.
Now, we'll tackle the carb. Read the book that came with it!!! First check the float level setting. You need to pull the top of the carb, but it's nothing cosmic. Next, make sure the metering rods are all the going down all the way at idle. There are little doors on the top of the carb to access these. Then, and only then would I start monkeying with the rods/jets. There's a handy chart in the book that came with your carb that explains it better than I could. Try setting the primaries one step leaner at cruise. I'm assuming the carb is halfway close out of the box. If the best idle occurs with the mixture screws 1 1/2 - 2 1/2 turns out from seated, it's pretty close.
Yes, you should consider a different intake. The 273 piece was pretty awful. There are plenty of used Edelbrock Performer intakes on eBay for reasonable money. The 273 piece isn't totally worthless however. When fitted with an appropriate length of chain they do a pretty good job of keeping small craft from drifting across the lake.