63, 544 - I was told by the previous owner that the engine had been modified before he bought it but does not know what was done. I am believing that the stock settings may not apply anymore for timing and/or point gap but in the dark as to what to do. Use stock settings and hope for the best?
Any suggestions or advice is really appreciated.

Dennis C

Check valve lift for modified cam, or idle should indicate same. If so increase valve lash approx .003". Dwell and timing as per George and Phil.

Distributors wear, so that a point gap needs to be specified in terms of
dwell angle, which for a 4 cylinder engine should be as great as possible
between 57-63°. Sometimes the point cam is worn to the point that if you
approach 63° the points won't break at all and you get no spark.

My view of timing is that it should be as much advance as you can stand
without EXCESSIVE pinging. This is usually around 22° or so. For unknown
(to me, at least) Volvo engines seem to need more advance than most other
similar engines (MG, Austin Healey, etc). A little pinging under very heavy
loads usually isn't a problem but it should not ping much of the time.
--
George Downs, The "original" Walrus3, Bartlesville, Oklahoma

Point gap will remain the same.

As for timing, the rule of thumb is to gradually advance it until you can just make the motor ping under load, the back it off so it doesn't ping. I've encountered a few instances where the motor runs better and/or gets better fuel economy several degrees short of that, but generally that works.