Dave - Sounds like you have the canister version where there is a hex socket-head screw down inside the distributor vacuum port? The hex is typically for a 3/32 hex key.- turning the screw clockwise unloads the spring (increases travel versus vacuum). So that would net
increased advance.
Turning the screw counter-clockwise has the reverse effect - reduces the travel at any given vacuum. You can play with it a bit by setting the initial up - then giving it vacuum(or not) and making adjustments to suit at high engine vacuum. My Olds makes lots of vacuum and I've used it as a "donor" before (with a considerable length of hose) saves fooling with any other T-bird adjustments while working on it.
On older distributors where the screw hasn't been touched in years - a good shot of PB blaster can help free it. If its stuck and you force it - the piston that loads the spring has very few threads, and it strips pretty easily.
Steve Metzger Tucson, Arizona