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It goes in your distributor ... they're inexpensive & easily installed ... require retiming/dialing-in ignition. Most kits include some weights & springs for mechanical advance curve ... some include an adjustable vacuum advance canister too. Most sbc distributors made after about 1970 were designed with emissions in mind & don’t have the greatest of performance curves. By letting the ignition advance begin to come in earlier in the rpm band, the motor will usually make more power when you need/feel it. Typically, swapping your springs for a lighter-weaker set in the kit will help out post-70 distributors a lot.
You can do yourself a big favor by downloading Lar’s white paper on ignition ... available here on this site if I recall. Lar’s explains ALL aspects of ignition timing VERY VERY well ... much better than I can. Lars used to offer a kit with just the right parts for a vette upgrade for about $40 ... a number of folks here swear by its results.