Yes you can set it. but you need a timing light to check it.
to set it:
bring the engine to TDC then back it off untill you reach the desired base timing as indicated on the balancer. Say you wanted 10 deg adv.
you would turn the engine over manually untill the timing mark showed 10deg advance on the compression stroke. Then..remove #1 plug wire and stick in a spark plug and ground the electrode. with the Key On Engine Off loosen the distributor and move it untill #1 plug fire's. move it a few times untill your sure you have the distributor set at the point that just fires the plug and tighten it down.
This works in a pinch but you should allways check it and set it with a timing light.
Good luck
__________________ 85 lx coupe
Dart 306, Single turbo Precision PT-76
Theres only one digit to the left of my decimal point | 
Is there a way to check and set timeing without timeing light? 
