For reference below are the stock basic tune up settings for a Ford 223 Six and in the order of doing a tune up that I have used for decades for the quickest route to a great tune up. Base timing is 4 degrees BTDC and Idle RPM is 450 to 475 depending on the trans you have. There are also some small differance in the Base Timing by year of engine.
These are the Basic tune up specs for a stock Ford 223 Six
1. Plugs are gapped at .035
2. Basic Point gap setting is .024 to .026 to get it running for optimal performance and economy set points to 36 degrees dwell
3. Base timing is set to 4 degrees BTDC.
4. With the Engine warmed up good the intake and exhaust valve lash is set to .019 H
5. The Carb Mixture setting is set at lean best idle i.e. Engine warmed up good then Tuned to Highest RPM next the mixture screw is then turned in 1/4 turn.
5. Set the Carb's Curb Idle RPM to 475 RPM with engine warmed up good for a Manual Trans with the Air Cleaner installed, (the Carb setting is 450 RPM for an Auto Trans with it in drive with emergency brake set.
Cold Cranking Compression Test should be Min. of 120 PSI.
Fuel pump test 3.5 to 4.5 PSI pressure.
Below are the stock LOM Distributor timing advance cruve for a 1954 223 that only uses 3 Degrees of base timing.
The 1954 Load O Matic Distribitor timing cruve should map at these amounts.
500 RPM 3 1/2 to 4 1/2 at inches vacuum of .50
1000 RPM 8 1/4 to 9 1/4 at inches vacuum of 1.8
1500 RPM 11 3/4 to 13 at inches vacuum of 3.8
2000 RPM 14 1/2 to 15 3/4 at inches vacuum of 6.0
It's also important to have clean tight wiring and ground conections plus a battery that's at its full charge. Now since you are now using a 240 point distributor you now have a Duel advance type distributor instead of the old LOM with only a Vacuum advance and you could use it just with the mechanical advance. The 240's Vacuum Advance is only needed to get you a little bit more MPG at a steady state cruse speed like on the freeway. You didn't state details and what year 223 you are working on, in the above 1954 223 you can see that the total timing is about 19 degrees the 1957 to 1960 223 have the highest stock compression ratio's and will also have more total timing because of that. Lou gave you some very good advise above on dialing in the base and total timing.
Since you asked about the Vacuum Advance setting I am going to ad this info it's like Frank said above and all that engines are different and you need to do some experimenting to find what your engine likes. Start off with your Vacuum Advance plugged off until you first find the sweet spot of the total timing that works with no pinging. After you have that dialed in you can start tuning the Vacuum Advance which will add a little bit more economy, you will need to have a
good Vacuum Gauge located so that you can see easy while you are driving, somtimes a Tach can be helpful for you too. You will be looking for the highest Engine Vacuum reading that you can get at a steady speed state of about 62 MPH on flat ground. Now you can start adding in the Vacuum advance when you get a light rattle climbing a slight grade such as a freeway on ramp that's about your Max Vacuum Advance Timing and if you have any rattle at all on flat ground back off the Vacuum Advance timing right away other things that effect it will be the Altitude, and the local Air Temps so unless you live were its hot all the time you will probally need to do some readjusting or retune again during the summer weather. Best of luck