Be careful, there is a good chance that either the vacuum advance or the mechanical advance is not working properly. There would be no other reason for the PO to set it this high otherwise. I bet it was nearly impossible to crank over...
If both advances were working properly and initial timing was 38, at higher RPM's you would almost certainly have pinging. You did set your timing with the vacuum advance unhooked and plugged right? You are using a 'timed' vacuum port, correct? (If it's the stock carburetor, disregard this question)? The timed port will have no vacuum at idle...
Put your timing light on the car and start it up. Increase engine speed to about 3500 and hold it steady. What is your total advance? Do the same with the vacuum advance unhooked and unplugged. There should be less total advance with the vacuum advance unhooked. If it is the same, your vacuum advance is not working.
If, while the vacuum advance is unhooked, you don't get advance from your idle setting of 8 - 10 as you increase engine speed then your mechanical advance is not right.
If you have set your idle advance to 8 - 10 (with vac unhooked) and you get about 38 degrees at 3500 (with everything hooked up) then you are good to go.