It's more to do with the dizzy than the engine. find the number on the side of your distributor, go to this page: http://www.oldvolkshome.com/ovhignbo.htm press CTRL +F type in your distributor number press enter.
^this. If you haven't got a weird double vac dissy, I'd go for 7.5* BTDC. If the AB case has been converted to a 1600 and you've got a dissy with a single vacuum advance can, 7.5 for sure.
That's no bad thing - folk seem to like AB cases. If you've got a single vac advance dissy, I'd go for 7.5 static. Think of all that raw power you're missing .
Well its been good up until now so I'm reluctant to fix something that isn't broken, I do know what you're saying though and I can't deny I have thought about it?