Thanks for the input. I understood the ported bleed wouldn't work until the throttle opened up. My point was hooking to either port got the same results, just at a different RPM, although I must say it didn't take much RPM change to cause the retarding action with the ported bleed. I'd double checked plug wires, routing, firing order and making sure they're securely fixed on the plug.
The engine consisted of a short block I've had for years, with forged flat top pistons. It had been a good running engine. The heads were a fresh set I've had on the shelf. I had thought about possibly an exhaust valve sticking or not seating properly, so I listened to the exhaust note for some time and it seemed to sound good out of both sides. Rocker arm assemblies were out of a very low mileage engine and look like new. The cam I know was a good used purple shaft which I'd put in it a long time ago but never got back to it. Lifters and lobes on the cam looked like new as well. I replaced the distributor drive gear bushing just for peace of mind, when I assembled the engine. Timing chain was used, double roller, but didn't have 1000 miles on it because I'd pulled it when I converted to a 3 bolt cam setup in a different car. Cam installed straight up: no advance or retard bushings.
With the vacuum advance disconnected the engine sounds very good. Not any sign of a problem. I let it sit and idle for a good 20 minutes. Revs up fine, settles right down and idles well. Tried the advance again on ported bleed, same results. More or less initial timing and same results. As you might expect, with less initial, the exhaust banging gets more pronounced since the timing goes even further ATDC.
Certainly a good mental exercise for me!