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Many Rover V8s are happy at 12 degrees BTDC. You can adjust yours that far as long as it doesn't ping under load.
Do some research into what hose goes where so that you don't block off something important, as these engines do need to be set up specifically to run well.
The high comp 4.4 car engine should run well at 5 degrees, a low comp Terrier engine could probably handle a little more. It also depends on what octane fuel you are running.
Thanks guys,
It's a p76 motor and I usually run it on standard 91 octane. I'll try it at 5 degrees and see how it goes, otherwise I'll slowly increase the advance until it pings and then bring it back a smidge.
Cheers,
Steve