In your case, the dist has nothing to do with timing. It only directs the spark to the correct cylender. I don't know the exact procedure to adjust it, but I think you just set it to point to #1 cyl when it is at TDC.
The timing is handled by the EZL system with it's main imput being a crankshaft sensor behind the #8 cylender.
The timing is NOT adjustable. If it is not correct, then something else is wrong.
84 500 SEL (307,xxx miles)