I realize that the recommended procedure is about all you have to work with, but it relies on alot of assumptions.
First, you are assuming the distributor has a certain amount of advance built-in
Second, you are assuming the timing is advancing properly
Third, you are assuming that todays fuel is comparable to that when the engine was designed
Unleaded fuel has a lower effective octane rating than earlier leaded stuff. After 30 years many distributors lose their original calibrations. Carburetors get changed, with the possibility jetting changes also. Setting the initial timing is a starting point..what's REALLY happening at 3000 rpm's? That's the important question.
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