Wow Luke! 


I use the valves on #1. It's very quick. Crank the adjuster down and SLOWLY bar the engine over till it touches the valve. Mark damper. Roll other way until touch valve the other way. Mark damper. Split that difference is absolute TDC. Reset the valve then.
awesome!If 14deg is stock thats 4.53mm plunger lift on that pump.
I would run more timing than that personally.
16.5deg is 5.0mm plunger lift.
I'll be running my own engine at 20degrees.

You can adjust the plate and star wheel now if you want to. But you'll want to be fine tuning it while it's a driver. The amount of low boost defueling is a personal preference anyways.
what I would do though is make sure you measure the stud protrusion on the spring BEFORE you take it apart. And set it back to the same measurement after you change the springs. Counting "clicks" is sketchy. Because at the top of the stud the clicks get softer and softer.
Don't drop any shims off the bottom of the spring into the governor housing. It's not that big a deal with the engine out. You can easily take the side cover off and go fishing. But Its a real pain if you do it in the truck.
Plus personally I cut all plates into zero plates. Because I want more control with my foot and less control taken away from me by the governor. Again just personal preference. Plus grinding a zero plate is free.