Thanks Papajam, have no idea what dizzy is, its small like a Bosch but w/Pertronics(I think). It will not hold idle so think advance springs are shot. When I advance it way up it goes like hell! Do you have thoughts on Centerlines Dist?
The letter P (for punto) is indeed TDC. It is short for P.M.S. or Punto Morto Superior which translates to top dead center. F is fissa for the Fixed (static idle) timing.
I would be quite surprised if there were no M mark. It may be very faint but it should be there. If not, the only way to time the engine for maximum advance, that I know of, would be with an advance type timing light.
Max advance can be in the 40 degree BTDC range as a starting point. Be aware though that the static advance could be anywhere depending on which distributor you have.