Here's what you need to do to get your timing situation sorted out.
You need to find your true TDC. Here's a good
method. Then you need to put some timing tape on your dampener (unless it's already been degreed, of course...
) with the TDC mark at your actual TDC. After this is done, put springs in your
distributer that will give you full mechanical advance by 3500 rpms. Now get your timing light out and either you with a tach you can read from the engine compartment or a buddy in the drivers seat bring the engine revs to about 4500 (just to make sure that your advance is all in) and check your total timing. With the engine you have (SBC) and without knowing what your compression and cam timing are, a good ballpark figure for your total timing would probably be somewhere in the 36° to 40° range. Start off with setting your total timing at 38° and if it pings audibly then you can back it until it quits. If not, then leave it until you can either:
A) make some passes at the strip B) use a chassis dyno, or C) some sort of performance meter (G-Tech, MSD Dashhawk, etc.) to ascertain through some trial and error what your best timing actually is. My guess is it wont be any less than 32° total timing, no matter what (unless you are using some sort of power adder). If it pings on more than that than you should be using something like Torco fuel accelerator or mixing in a little race gas to boost your octane.
Next up...that Edelbrock carb you're using, it's basically a Carter carb with a polish job. Eh, whatever. I never saw anything that wouldn't run harder on a Holley than anything else. JMO.
As for your idea that that 700 would have washed the cylinders, not really. All the rating of the carb is, is how many CFM of air it could theoretically pass at 1.5"HG pressure drop. It has nothing to do with how much fuel is passed. That is of a function of jetting/signal strength, not air flow potential. In this case though, if you go by this
How-To you're actually right on for sizing.
BTW, I think you're too lean on the carb settings. Check your plugs. If they're white, you're way lean. If they're black and sooty looking, you're fat. Both conditions could cause some of your issues, but my guess would be lean. Bogging on tip in is usually from not having enough accerator pump shot and surging and bucking at a cruise would suggest a lean conditon, as well. Like I said, check your plugs.
I hope some of this info helps you out with your situation.