To be honest I thought that you just wanted someone to set your timing up for you but clearly from your subsequent posts this is not the case, you are keen to learn how to do it yourself which is great!
I have setup several engines using the following method, it works well!...
THE IDLE TIMING FIGURE...
1. You need to find out what timing figure your engine wants at idle, the cam fitted to your engine has a large bearing on this, my engine needs a timing figure in the high 20's! The easy way to obtain this figure is to disconnect the vac system so that it does not mess up your test, set the timing to some arbitrary figure such as 10 degrees. (Basically a low-ish figure). Slowly twist the dizzy whilst the engine is running and listen to how the engine responds, if the idle speed starts to increase (which it will) then it likes what you are doing. Keep advancing the timing until there is no further increase in RPM. You may have to sneak up on the timing a few times in order to hone in on the required figure, listening to the engine carefully and using a vac gauge is important here . Make a note of the figure, lets say it ends up being 18 degrees. Also note the vac figure as this is important, you may have to reduce the tickover speed but then note the vac level, lets say it is 16"
WORKING OUT WHAT THE VAC SYSTEM CAN GIVE
2. Reset the timing back to 10 degrees then plug the vac canister into the non-timed port, the timing should increase if the vac canister is working and suitable, lets say that it goes to 26 degrees, this means that your vac canister can supply 16 degree of advance. The vac canisters actually have a code on them it will be something like 5 17 8, in this example it means that the canister will start to move when it receives 5" of vacuum, it is fully deployed at 17" of vacuum and it can supply 8 degrees (at the dizzy) of timing, 16 at the crank. In this case this vac canister would not be suitable for your engine. You would want one that is fully deployed at around 14". I actually have a load of canisters kicking about, from memory there are 4 or 5 different ones, the figure of 5 17 8 was taken from the first canister that I laid my hand on this morning. Hopefully your canister is suitable, lets say that it adds 16 degrees, we know from the first test that you engine wants 18 degrees at idle which means that you would either set the timing to 2 degrees with the canister not connected and then connect it up or you could connect the canister to the non-timed port and set the timing to 18 degree. (The static timing would still be 2 degrees). Rover actually specify quite low static timing figures and this is because they want you to set it up with the vac system disconnected, you then connect it to a non-timed port on the SU carb.
WORKING OUT WHAT THE MECHANICAL ADVANCE CAN GIVE
3. You also need to know what your mechanical advance system can give, the advance system inside the dizzy has a number stamped on it which is dizzy degrees but I would not trust it!. The best way to find out what the system can give is to set the timing to say 10 degrees with the vac system disconnected, then rev the engine to 3.5-4k RPM and make a note of the timing figure, lets say that it goes to 40 degrees, that must mean that the mechanical system can give you 30 degrees of advance. Whilst you are messing about with this try to find out at what RPM the system has added all of its timing, around 3-3.5K RPM being a good figure in general. The 32 degrees for advance that you have found on the web seems like a reasonable figure for your engine.
SETTING UP THE TIMING
4. You can now set the timing up, connect the vac system to the non-timed port and set it to 18 degrees (2 degrees static). We know that your engine wants 32 all in and that your bob-weights can add 30 degrees, this means that at wide open throttle settings your all in advance would be 2+ 30 which is 32 degrees! Your timing figure at high-ish RPM when the throttle is just cracked open will be 32 + 16 which is 48 degrees, this is no problem at all and will give you good MPG, if you whack the throttle open the timing would back off down to 32 degrees assuming that you have a suitable vac canister!
You can see that in my example the figures 'just happen' to work out nicely, in the real world this might not always be the case, if you are out by 1 or 2 degrees at idle then I would not worry too much but if its all miles out then you are getting into modifying the dizzy by filing bits off it or building bits up with weld. Lucas made lots of different dizzies for the Rover, they all look the same from the outside but they have different mechanical advance figures and different bob-weight springs.
BTW your figure of 160 BHP at the wheels may indicate that that the fueling is OK at WOT (it may not, I have no idea what your engine should put out) but the fuelling at WOT is about 5% of setting up a carb, the WOT fueling is easy to sort out because you just have to select the correct secondary jets. (To get an air fuel ratio AFR of around 12.8:1). In the real work when setting up an Edelbrock carb you need to setup up the idle circuit, the cruise circuit, and the acceleration circuit, these are the circuits that you will be running on 99% of the time, they can be a right pain to setup! Most rolling road operators have no idea about setting up these circuits on an Edelbrock carb, also unless the rolling road can hold the engine at a steady load (most can not) then you can not set up the cruise circuit on the rollers anyway.