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Don't worry about messing with the timing. You don't want to change too many things at one time. I'd change the PV and take it for a drive.
The comment up above about 34° being right for a 408 is not necessarily true. It's not dependent on cubic inches at all, but total timing is mainly a function of the cylinder head and the compression ratio. One 408 with an Edelbrock head may want more timing than a 408 with a Trick Flow head, just because the combustion chambers are not made the same. It's ok to change timing later on to see if you can tell a different in your buttmeter, but don't change everything at once.
I'm confident that the PV change will make her run like a mashed cat. After that change, you can read the spark plugs to fine tune it.
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