Bdub:

You are reading the timing markings correctly.

Refer to Post #5; what was the result of observing the action of the centrifugal advance?

Just about every production, road-going, passenger car engine of the last 60 years will run very acceptably with initial advance of 10-12 deg., centrifugal advance of 36-40 deg. total, and an additional 5-8 deg. of "vacuum" advance at light throttle cruising.