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I'd put #1 at top dead center with a dial indicator through the spark plug hole, make a mark on your balancer with a white paint pen that coincides with your timing pointer and get a good timing light that you can then dial in the advance or retardation to bring it back to zero. That way there's no need for anything but TDC = 0 degrees and you can measure whatever timing you want to.

All of the FE's were internally balanced except for the 428 so the balancer spinning shouldn't be a big issue other than losing your timing mark. Isn't there a woodruff key between the balancer and crank? I'm asking because I don't know for the 360 crank. The 428 crank has one though.
 

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8-12* should be about right. It depends on your engine specs including compression, camshaft, timing set, etc, but my 429 likes about 10* static and 34-36* total advance around 2800 rpm. I'd put it as high as you can without it detonating (pinging) as that should give you the best off-idle throttle response.
 
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