12* is about right for the timing, but hey, like the rest of the guys are saying, good probability for vacuum leak...
whenever you decide to go with a new 4bbl and intake, just read up on what exactly you want-anyone can suggest the best setup, but ultimately, your decision should be based on how you drive. If you want some good low speed torque and strong midrange and aren't too concerned with the high rpm's, then go with a low riser intake, and a little 600cfm vac sec holley (if you can deal with a holley-bad luck with me), if you can trade off a slight amount of low end for some more midrange and top end, go with something like a weiand stealth, or edelbrock rpm...you get the idea. personally, i'm running an rpm intake with a 600cfm edelbrock, it has good low speed torque, and plenty top end pull.
you could also consider swapping out the cam while you have off the intake...you'd still have to pull the front cover and and valve covers off...but flat tappet cam kits are dirt cheap for your pre-roller block, and pretty much anything you buy would be an improvement over the stock cam...if you were to choose that option, just keep the lift kinda low, the stock rockers don't handle high lift too well
...and about rtv....keep it simple-it's a gasket sealer-not a gasket maker, the more you smear on, the more of a PITA it will be to remove it when you pull that part off again. when properly used, gaskets seal just fine by themselves, i just use the rtv to keep gaskets in place during assembly