No it's not formulaic or cook book at all . . .

This is what I find most intriguing about setting up a non-stock engine. Take for example this posting from Steve's Nova site :
"this is just another variation on the "turn the distributor until it pings and then back it off". Don't these people own a timing light?
The trick is:
First set your base timing with a timing light, then tune the idle mixture with a vacuum gauge to get the highest reading at the lowest steady idle."

This assumes that the base timing is somehow a fixed BTDC value . . . when in fact it is just one variable to be established by tuning and testing.

The point is that one needs a timing light, a tach and a vacuum gauge to do this right.

Moreover, the variables are gating:
1) Minimize idle RPM without stalling
2) Base Timing must not be advanced to the point of hard starting - especially when hot
3) Idle vacuum should be steady - not bouncing in a range (which is an indication of a lean mixture).
4) Maximize idle vacuum to insure crisp throttle response.