being a survivor, it's imperative to check top dead center, and if the balancer is off, look it over very carefully for deterioration of the rubber ring.
in my opinion, if it has moved due to the rubber ring allowing the outer ring to move, i would replace the damper. you don't want it to come apart during "play time".
after replacing the damper, check your timing closely to make sure you don't have chain issues.
you will more than likely have to disassemble the distributor and weld up the weight slot, thereby allowing you to set initial timing at 15+ degrees [depending on your combination] and have 34-36 total when all in.
you can start spring experimenting with removing the factory heavy spring and starting there. make sure when you have the distributor out, the weights move freely, and return to rest freely as well. you will need to check the weights and advance plate for wear or burrs, which can cause sticking to occur.
after the mechanical curve is sorted, you will then need to start playing with the vacuum advance. if you can get 50ish degrees advance while cruising at ???? rpm under no load, you will obtain gas mileage you would probably not get by not using this feature on your distributor.
just my own personal experience playing with distributors over the years.
your mileage will vary.