When you get tired of playing with the points system, you might want to consider a Petronix conversion kit for the distributor. It eliminates the points and with the edition of a high output coil works great!!!

As Sander said, 8 to 10 degrees intial should be close. Might also want to ensure that both the vacuum and mechanical advance mechanisms are working properly....

By the way, welcome to CHR.!!! Sure would like some pics of that old Bird, they are such a gorgeous car!!!!! Got my heart set on a '58 or '59 some day!!!!!