I'm no pro crew chief, but here's my 2-cents:

First, go buy a vacuum guage. best tuning tool in your box! get the car warm, then you'll put the vacuum guage on a full time port (below throttle blades) on the carb. Its pretty simple really, you're looking for the highest vacuum reading you can find at an idle. You'll have to adjust the idle screw on the throttle as you go, because you want to keep the motor at an idle, and on the idle circuit. Find the highest vacuum reading and lock the distributor down there.

Then, take your timing light and find out where you are with that initial you just set. Lets just say its at 8* for discussion purposes.

Now, you get to decide what your total will be. I'm a big block guy, and they like between 34 -38. I currently run mine at 36. experienced small block guys will chime in with a good suggestion for your motor. For discussion purposes, lets say 34* Subtract your initial from your total: 34-8=26. 26 is what you'll key into your advance.

Nows where it gets a little tricky.... the speed of the curve. You're distributor will come with directions on how to control the curve (My mallory is controlled with springs). It will likely suggest a certain curve that works best with stock or slightly modified engines. I'd use that one. bang, you're done.

Now, next time at the track, play with total advance a little. Your E-curve should make this real easy. For most of us, we adjust the initial and live with it being a little off in order to effect the total. Then when you come to a conclusion on what total actually works best for your motor, you'll go back and re-do the math, and adjust the advance to make sure the initial is still at 8* (or wherever you tuned to).

Make sense? Good luck!