Oil pressure sounds great.

4 degrees is, I think, the recommended static timing for a SBC. Most guys will dial in a little more (10-12) to improve throttle response, then limit the total advance to somewhere around 34-36 degrees.

I would pay particular attention to TyphoonZR's post about total timing. If you were not the person who built the motor and have no idea about the squish distance (piston to head clearance at TDC), then stay on the conservative side of total ignition advance to prevent the motor from detonating and knocking the bearings out again. With a tight squish (0.035" to 0.040"), you can run a full load of ignition timing on pump gas.