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Glowing tubes indicates retarded timing as stated. 1 degree per 1psi is a safe way to start, but wont put you where you really should be.
Your question about fuel pressure leads me to believe your regulator reference port is plumbed below the carb's throttle plates (vacuum applied to the regulator will decrease fuel pressure). Move the reference line to a place in the air stream before the carb.
Timing with forced induction and a distributor can be tricky. You need to remember a few things.
1- Distributors have a limited phasing range.
2- Electronic timing controls combined with mechanical advance can really screw you up.
3- 100% rotor phasing should occur at peak torque rpm/ max boost. This is where most people fail.




What he said.
1 degree retard per pound of boost to start.
Get your regulator/boost reference right.
And pay particular attention to point #3. Under high cylinder pressure conditions if your phasing isn't correct the spark WILL jump to the wrong post if the rotor is far enough out of phase.