Set your idle speed in drive with the parking brake on. Should idle at around 600 rpms in that scenario.
Yes, always set the initial timing before tuning the carb or setting the idle. You will find that any change in the initial timing will change the idle speed, so the timing needs to be set before setting the idle speed or mixture.
You really need a timing light to set it, but here's a way to get it in the ball park: Rotate the crank to where the timing pointer is aligned with the timing marks and the setting you're looking for (I aim for 12*BTC). Now, loosen the distributor hold down bolt. Next remove the #1 spark plug wire, insert a phillips head screw driver into the end of the wire and place the screw driver next to a ground, then with the ignition on (not with the engine started) slowly move the distributor back and forth watching for the spark, the instant it sparks, stop moving the distributor and lock it back down. Your base timing should be dead on, if not close to it (if done correctly). Everytime I've done this and checked it with a light afterwards, it's right there where it should be. This is also the way I set a new engine's timing up before starting it for the first time. When you rotate the crank to align the marks, make sure it's at TDC of the compression stroke for #1, not at TDC of the exhaust stroke.
