In the distributors spec's, does it list how many degree's of advance the vacuum diaphragm is capable of delivering?
Dependent on how many degree's overall advance the mechanical advance weights are capable of delivering, and at what RPM the weights are sprung to commence advance at, you may be "over timing" when the vacuum advance is in line. Have you checked with an advance timing light at the crank, how many degrees of advance from BOTH the mechanical and vacuum advance's the engine is getting at about 2500-3000 RPM? (I found Mopar A blocks preferred max combined vacuum and mechanical advance of 37-39 degree's)
Last thought. If she's not picking up detonation at her current initial setting and performs well on her current advance rate, you may wish to hook the vacuum advance up to a "metered" vacuum source. AKA, one that is NOT @ manifold vacuum. Look above the sole plate on your Holley quick and dirty, one of the ports higher on the carb's body will be a "ported vacuum" source. Meaning, it'll only get vacuum at above curb idle. Contrary to popular belief, the vacuum advance diaphragm is a fuel economy device, not one for performance. It allows the engine to operate at cruise speeds, with slight throttle opening, with an advanced timing in order to fire the highly lean mixture. Try a vacuum source higher on the carb body.
Good Luck get back to us with how she does!