If I am reading your post right,you have the Ford crate 392" - 430 hp.
The engine should have come with a print out from Ford.It deals with ignition timing,
oil,retorqueing head bolts.
It looks like you have too much advance. 34 degrees is the maximum. I would have it all in by 2500-3000 rpm.
I would disconnect the vacuum advance too.It throws in too much advance.Ford recommends not using it as well.
I would put your carb back to its orginal configuration for now.It should be real close out of the box.Maybe slightly rich.
I have the same crate motor but with a MSD dist.,6al and the 750 HP Pro series. Runs Great.
Hope this helps some.