You actually can set the timing by ear, like in "the olden days". Advance it until it pings under load, then back it off until it doesn't.
It's how I set my 4.9. (I believe the timing ring has slipped. After setting it by ear, I hooked the timing light back up, just for grins. It "shows" 10-12 degrees more advance than the book calls for. When set to spec, using the light, it doesn't have enough power to pull a fat man from a donut shop.)