If everything has been renewed & properly lapped into their seats with the tappet screws faced flat, .010" intake & .013" exhaust is a good COLD set up.
If the tappet screws have not been faced flat, you will need to set up COLD at least .001" tighter on both intake & exhaust. The reason for this is it is normal for the face of the tappet screws to indent slightly, this is normal wear.
The distributor cannot be installed 180 off due to the drive tang being offset slightly on the correct oil pump., with that being said are you sure a proper oil pump is in your engine? Many re builders not familiar with this particular engine and will install a M37 Melling pump and that is not correct due to the drive slot being centered out for civy engines.
Optimum timing is 4 degrees BEFORE TDC as mentioned earlier.
Have you put a timing light on the engine?
I would venture to guess that the distributor is a tooth off. I would pull the plugs and get the engine on TDC, and pop off the distributor cap and see how close it is to the #1 wire location.
Bert