[lane912]

this is refered to as "static timing"
the test light goes between the negitive on the coil and ground, points open and the test light illumintes.
set the engine to the desired setting, in this case 3* btdc on spark plug 1.
conect the test light
if the light is on, turn the distributor clockwise till it goes out. at the moment the light goes out you are there. you might want to go back and forth over that point to get it just right tighten the distributor and start her up

if you have a timing light with advance adjust you can check total advance by setting the light to 32*-35* and run the engine to 3000+ rpm and see what the light says