Whoa, that timing table is not what you want at all. Looks like zero timing at idle then it jumps to 39 degrees for cruise? You do not want to run the engine with that timing table.

For an engine like yours I'd think you would want to start with a typical curve of 18 at idle, 34 at WOT and maybe 40 at cruise. You fill in those areas and then smooth out between the three areas so the timing changes gradually.

I don't think you should change the reference angle either. That is bad ju ju to mess with the reference angle. The way I set those things up is to put the engine at 35 degrees BTDC. Install the distributor with the rotor pointed at #1. Adjust the oil pump shaft as necessary to allow the rotor to point directly at the #1 tower. Install the cap, double check plug wire order and then fire up the engine. Once the engine is running you enable static timing on the handheld. Set it to something like 25 degrees and then double check with the timing light. If the damper doesn't read 25 degrees then you rotate the distributor a small amount to get it to line up. You should not have to rotate if more than a few degrees if you had the rotor pointed at #1 when the crank was 35 BTDC.

The reference angle should be what Holley wants it. You don't change that.