4° BTDC is the factory setting, but may not be the optimal setting for performance, especially for a street rod where you might be using different carb(s), cam, etc. The Engineers usually pick a timing point that winds up being a "one size fits all" setting, but might not be the best for your particular motor or needs.
I would set the initial timing at 4° BTDC (with no vacuum advance)to start with and then advance it 2° and take it for a run and see if you hear any spark knocking under load. If not, advance it 2° at a time (no pun intended) until it starts knocking under acceleration and then back it off 1° or 2° from there. That will be your intial timing, which may vary due to ambient temperature, gas octane rating, etc.
Besides initial timing, you'll also want to check the total advance, vacuum & mechanical (centrifugal) advance (the "curve"), to see where it starts to advance (RPM), when it advances fully and how much it advances (degrees). You might want to take the distributor to someone that has a machine to check the distributor curve which would save a lot of time and guess work.

-Bob