You have to treat initial, vacuum and mechanical advance separately. Tuning it is easiest with a tachometer and vacuum gauge, but you can get pretty far with guessing on those numbers.
Initial timing is for starting the engine and timing for engine lugging (low RPM, high load). This is set with the distributor hold-down clamp. When you mess with this, you change the timing everywhere.
Mechanical advance is reacting to the speed of the engine. As speed increases, there is less time on the power stroke, so the fire gets lit earlier. With the vacuum advance disconnected, increase the engine speed until the timing stops increasing (probably something like 3000RPM). Record this number to know the total timing it's bringing in. Maybe record it at a few engine speeds to refer to as you chase your pinging or bogging issues. There are weights with different shapes to adjust the curve of the timing increase and different springs adjust the RPM range of that curve.
Vacuum advance is reacting to the load on the engine. It's mostly to improve economy. At idle, connect the vacuum advance can to manifold vacuum and record how many degrees the timing changes. This is the maximum advance it provides (since vacuum is high at idle). If the timing suddenly jumps as you move the throttle off-idle, you are connected to a ported vacuum source. Some of the cans can be adjusted for more or less response by sticking an allen wrench in the vacuum line and adjusting (clockwise to increase timing). There are also limit plates to set the total vacuum advance limit. Some of them are not adjustable.
Now that you know the characteristics of the timing under different conditions, you need to identify the RPM and vacuum where the pinging occurs and then you can make the appropriate adjustments.