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. . . ALWAYS set the plugs at .035. not 040, not 060 nor 080. for PERFORMANCE it`s .035.
Does it make any difference if its an HEI distributor? The previous owner of my '73 had installed an HEI distributor and had the plugs gapped at 0.040. I increased the gap to 0.045 and could tell the difference (better at 0.045). I didn't try going the other way though.
Points or electronic, {that logically includes HEI} it dont make any difference. Performance engines run best at .035 plug gap.
Spark plugs have a unique fearure in a engine. In the absence of fancy electronics a spark plug will be able to tell how a engine is performing on every cylinder. Because its right in the combustion chamber and by reading the plugs you know how the engine is performing. A easy to learn valuable skill.