Howdy Back:
Did you disconnect the vacuum advance before checking the initial advance? If you didn't, you got a reading for both initial and vacuum.
What distributor are you using? Is this a Calif Emissions engine? Is this an Auto trans or a standard? Being at Huntington Beach, CA I'm guessing that you are close to sea level. What is your static compression ratio? Given your cam, you should be able to safely use a little more initial advance due to lowered cylinder pressures.
A stock, 49 states, '66 200 calls for 6 degrees BTDC with a manual trans and an engine with an auto trans calls for 12. Given your cam, you could likely run 10 manual/ 16 auto without detonation- maybe more.
The OEM Load-a-Matic distributors had a fixed amount of advance built into the mechanism- Manual = 15 1/2 degrees, Auto = 13 1/2 degrees. Both by 2,000 rpms, with starting points at 1,000. Any readings outside of these specs may indicate something is worn, torn or otherwise compromised.
Know that changes in cam, compression, carburetion or elevation, and wear will effect these factory specs.
I'll be looking forward to hearing back from you.
Adios, David