Seems a complicated way of doing something the dizzy does simply. I have never heard of retarding the timing to increase efficancy or power before? Quite the opposite.
Advance is not just for MPG. The faster the piston speed (up to a point) the sooner combustion has to start otherwise the combustion pressure peak occurs too late.
The dizzy you have is completely adjustable as you know so why not use it?
You don't want any dizzy advance at idle. The carb throttle should be completely closed so you are on the idle circuits only with no advance in the dizzy.
You want around 12-14 degress MAX initial timing at idle though.
Timing advance should be starting just above idle speed as the transfer slots on the carb are being uncovered and the main jets start to work.
You want all your timing in at 2500 to 3000 rpm. Above this rpm you want 35 - 42 degrees total advance. Depending on fuel and cylinder pressure. Most mopars run fine with 35 degrees total advance but you may find you can run more.
You can get automatic ignition retard units that work with knock sensors. In this case dial in something like 42 degrees and the unit will automatically retard the timing only as much as you need to get rid of knock.
If you ALWAYS pull away from a standstill at WOT (which I doubt you do) locking the timing will work fine. But this car is no Top Fueler.
I would be interested to learn more about how retarding the ignition at the top end will increase mph.
