Greenbird56, you are quite right, the distributor came adjusted for who knows what engine and I did not trust for a moment that it was calibrated properly for my engine, thus the efforts to adjust it.
Everyone who suggested that the spark is over-advanced is definitely correct. I'm just not sure why it's over-advancing. Let me give some additional detail.
First, this is how I have calibrated my distributor. I looked up the centrifugal specs in the manual. It calls for x-y* advance at z rpm. I have taken these values to be DIST degrees at DIST rpms, so I doubled x,y, and z for each data point. With the vacuum advance line plugged, I then would rev the engine to the spec'd speed and use my timing light to check for the spec'd advance increase over initial. I did this mainly for the low-speed spring, because my tach only goes to 2k rpm so I just sort of assumed the high-speed spring was where it needed to be 
Then, to set the vacuum advance, I idled the engine as slowly as I could to prevent the increased engine speeds due to forcibly advancing the spark from bringing the centrifugla mechanism into play. The manual specifies x* advance at y "hg vacuum, and again I doubled x. Using my hand vacuum pump, I supplied the spec'd vacuum, then looked at the advance. My advance can is NOT the allen key kind, and as it turns out the spring rate of the supplied spring was too soft and would never produce the spec'd curve, so I obtained several other springs from the hardware store and found one that had almost exactly the desired rate. The washers move the curve up and down, and ultmately I got all the data points comfortably within their ranges.
I have the initial advance set at 8* by the damper. Who can say whether it has moved? I chose the 8* mark partially on assuming the damper hadn't moved and partially on the way the engine ran. It would run faster at idle if I advanced it more, but I did not want to max out initial advance.
I should also note that at hot idle, there is not enough vacuum to the advance can to move it, but just a touch off of the hot idle stop i get 15"hg. So, around 1000 rpm, the timing light show over 30* advance--waaaaay too much.
The way I see it, either my calibration method is wrong or this thing was designed this way--and I'm more inclined to believe the former than the latter.
Oldcarmark, the centrifugal advance is set to an 18/36* maximum, and the vacuum advance maxes out at about 12/24* (dist/crank degrees).
Thanks so much for your help so far everyone!
1954 Crestline Victoria 312 4-bbl, 3-speed overdrive