BEGIN WITH THE BASICS: Before you begin to adjust the carburetor, the valves, points, and timing should be set. Do it in this order, and you go from a cold engine to a warm one.
Valve adjustment is always done with the engine cold - this means that it has been sitting overnight without running and is room temperature.
0.006 inches (.15 mm) is used on 71 and up engines, where the 34 PICT 3 was meant to live.
The aim is to set a gap that virtually disappears to zero when the engine is at operating temperature - expansion of metal and all that.
The points are adjusted to .016 inches (0.4 mm). Replace them if the contacts are pitted or the cam rubbing block is badly worn. Add a touch of grease to the cam lobs at the same time. Also pull off the rotor arm and take a look in the center of the shaft it rides on. If your distributor has a felt pad in there, put a FEW drops of oil on it to lubricate the distributor drive - don't overdo it though.
The usual timing setting are:
Now start the engine and warm it up. Take the air cleaner off the top of the carb and check that the choke valve is standing straight up. If it isn't, run the engine some more to make sure it's throughly warm, and check the choke butterfly again. If it is not standing vertical, the butterfly needs adjusting or fixing.
It's important to set the valves, points, timing and check the choke (in this order) before setting the carburetor, they all work together for a smooth running engine.
4. Go back to the Volume Screw and adjust it slowly for the fastest idle. It should not be much outside the range of 2-3 turns (½ turn in/out from the 2.5 basic setting). Then turn it very slowly IN until the revs drop by about 30rpm. If you don't have a tach, listen until you can just hear the revs start to drop, maybe as little as 1/8th turn.
That's it - you're done. If it still doesn't run right, something is worn or broken. Check the usual - air leaks, trash in carb, trash in fuel lines, coil dying, bad wires, bad etc.