this is a far more common scenario than you would think, by far the best "performance mod" for an engine is simply a correct tune.
This is the timing light I use: https://amzn.to/3cvxGzE
Disclaimer: beware of advance timing lights with MSD multispark. they claim that advance lights have issues with multispark systems. it seems to depend on what timing light is being used just something to be aware of. the one linked above seems to work just fine on multispark in a side by side timing light comparison.

Piston stop for most carb'ed v8 engines: https://amzn.to/2WrIrgI
True TDC with a Piston stop:
Basically you cant measure true TDC degrees at the crank via observing the piston because the crank continues to rotate as the wrist pin rolls over center and the piston actually momentarily stops (dwells). SO, a piston stop allows you to measure true tdc by stopping the piston somewhere down the stroke. by rotating the engine clockwise until its stops and making a mark, then doing the same counterclockwise, the point in between these two marks is actually true TDC.