counter clockwise
find the distributor and at the bottom of it there is a bolt that you loosen that loosens the hold down plate that keeps it tight against the engine block, once you loosen the bolt the distributor will turn right or left, start the engine and then slowly turn the distributor one way or the other until you hear the engine RPM increase, when it increases you are advancing the timing.
Start the engine and point the timing light at the timing marks. The flashing timing light will cause the timing mark on the harmonic balancer appear to be stationary and aligned with the timing marker. It should be lined up with "10 BEFORE." If not, turn the distributor until it is. Turn off the engine and tighten down the distributor hold-down. Unhook the timing light. Read more: How to Set the Timing on a 1974 Dodge 318 Motor | eHow.com http://www.ehow.com/how_7405118_set-1974-dodge-318-motor.html#ixzz2S9e9ResE
Yes.
Yes.
Plug the vacuum line to the distributor. Run the engine while pointing a timing light at the timing cover mark. Timing light should be connected to #1 plug wire. Turn distributor until the timing mark on the balancer lines up with the #8 on the timing tab. This is a good staring point. Most will take about 12 degrees.
No
Some of the online places that one can find pictures of a 1974 Corvette are Corvette Trader and WebCars. The 1974 Corvette can also be found where different members of a forum may post such as at Digital Corvettes.
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base $6,000
On a 74 Corvette, there is a primary coil inside of the distributor that is usually the cause. I would assume that the engine turns over, but no fire. While you have the distributor apart, you might as well replace the secondary coil, located under the distributor plate too, because if this is the problem, you would have to tear the whole thing down again to fix it, and the parts do not cost that much.