Note the position at full advance in the pic. There's no official mark for full advance, but people use the left side of the drain hole in the cover. You can advance the timing if you want, but you shouldn't advance it so that it goes past the drain hole at full advance. It's an engine killer. I have mine timed the same place yours is now, to allow me to use 87 gas.
For changing the timing, on your pickup is the top hole a slot or just a hole? If it's a hole you have to turn it into a slot. They came both ways. The thing that looks like a rivet holding it on on some of them is a screw with no slot. Just cut a slot in it and it'll back right out.