No, but you will get better economy and performance if it has SOME sort of advance. You may have centrifigal. I've seen rats nests of wire running every which way under the hood. His 2 loose wires are of no concern. Just tape em up. :shrug:
No math needed. One tire rotation, count how many times the DS turned. Since there will probably be a part of a turn in there on the DS, you will need to keep close watch to the last partial turn to get the Point something.
I'ts pretty clear that he isn't using the vac advance, and the wires look like they go to some senders for aftermarket temp and oil pressure guages. I've seen worse.
They firgot to mention to power your light by attaching it to the + battery cable. Gotta have juice. Also, to advance the timing, turn the dist clockwise. Now if you had an I6, you'd turn it CCW to advance.
I'd do some light probing with an ice pick to see how solid the tank is. I think it can be saved. You're going to have to sand it though. That may create problems with fire. Ground the tank well useing some jumper cables onto a water line or anchor bolt. Have MEGA ventalation going in the form...