OK.. so something is definitely amiss.

I just went out and figured I'd try the technique of just turning the distributor until the idle got the highest, then backing the idle speed down to see if it would maintain. I did this, and got it to 'sorta' idle around 900-1000 rpm... but it required 30-32 degrees of advance timing in order to do so.

RPMs fluctuated by about 75-100 rpm while at an idle, but it did maintain it for several minutes.. I revved it up a bit and it sounded good - a little pop out the exhaust as I let off the throttle ... and it didn't want to settle back into an idle, it just died right after decreasing RPMS from me hitting the throttle.

I'm uploading a video to youtube, showing what the vacuum gauge and tach were doing while it was idling.. but this is the best I've been able to get it to idle so far.. but should it really be able to take 30-32 degrees of advance at an idle?