I see a lot of blast in your posts but not a lot of facts.
For a start the ignition timing should be pretty much whatever maxes out at about
35 degrees BTDC at full advance.
You don't say who did your carbs - There are a FEW reputable guys who do them really well
and LOTS who will do all the stuff and give your carbs back with sloppy fitting throttle
shafts, which means you CAN'T tune the carbs. Period. That means that your engine
will be lean at idle and rich at all other speeds. Since the only calibration point
for SU carbs is at idle, you can't tune them worth a hoot if the throttle shafts or
bushings are worn or if you have vacuum leaks. No matter who built the engine this will
still be true.
As far as oil in the vacuum advance line - I haven't a clue where it could come from.
It should be sucked into the manifold, burned and blown out the exhaust.
The only place it can come from is the distributor is on the VACUUM side of the diaphragm.
How do you get oil there???
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George Downs Bartlesville, Oklahoma