My manual says both 2 deg BTDC & 2 deg ATDC. This is one of the main reasons why I ask. 4 actually sounds more usual. And for the cork gasket, I just replaced it with a big 'ol O-ring. I figured that should work fine.
Here's some more pix..

Recall the distributor. It was pretty nasty inside.

This is actually the "after" shot. All the bearings seemed fine, it just wanted a fair bit of cleaning. The top part, with the cam that sits on the counterweights, fits on either way. From what I could tell you get a 50:50 chance of getting it 180 degrees out. It looks like the only change is #1 plug wire is on the opposite side of the distributor cap. Mine is 180 degrees out, and its staying that way. I don't feel like changing it.

Hold down tangs. The manuals don't cover these bits. They hold the plate that the points and things mount to in place. The trick is to install these, tang UP to hold the plate down. ( I had to ask. )

All the goodies back in and ready to go. Had to reuse the old condenser mount. The new mounts put the condenser too close to the point's cam. Also rerouted the condenser wire backwards 'cause the new ones are too long to lead direct.

The distributer vent line fittings were all munged up by people cross threading them.

So, with the help of a local fabricator I made up a new set. Had to do a lot of head scratching to decide how to make and install these. The manual had a cross section picture, but it was for some "early model" and didn't make much sense. I put the bent exhaust closer and pointing to the carb intake and the crosscut intake closer and open to the air filter. Lets hope that works.

And, of course, like so much on this machine. The threads needed cleanup.

Plumbing planning. Once the new fittings were installed there was much head scratching over how to run the tubes.

Tube runs over the cylinder head. I'm not too good at this plumbing thing and it takes just forever to make up these lines.

Down to the distributer..

And this is where everything stopped. I'd finally finished the lines and just as I was to make up the flexible ends and finish this part of the project... I discovered I bought the wrong size elbows for the distributor. Arrgh! Tomorrow is a holiday and the stores will all be closed. Rats!
Anyway, this pretty much finishes the plumbing bits. And they were a WAY bigger issue that I ever expected!
-jim lee