AKVette,
Yes! This Mallory distributor is comparable to the Accel distributor that I installed in my L81. Mechanical advance weights and vaccum advance (possibly up to 20 deg) should work fine. I wonder if it also comes with an advance spring set? If not, then you may have to purchase one at any auto parts store (I know that AutoZone carries it).
The mechanical springs that provide the best performance gives you full mechanical advance at around 3,000 - 3,200 rpm. Combining springs can be done to achieve this. This will be approximately 14 -16 additional degrees to your basic advance. Before installing it, make sure that the engine's #1 piston is at top dead center (TDC). This should place the rotor cap about to align-up with the #1 (firing order) electrode on the rotor cap. For guidance, the vaccum advance pod should be pointing at the back of the A/C compressor.
When checking your basic and mechanical advance, make sure you plug the hose for this purpose from the carburator; otherwise is going to make setting your basic advance (the advance you're engine will have at idle) a nightmare.
At the first sign of popping from the exhaust check the connections for your firing order (the #1 rotor cap electrode to the #1 piston wire and so on for the 1-8-4-3-6-5-7-2 firing order).
To adjust the vaccum advance you'll probably need to use a 3/32 allen wrench (usually provided with the distributor), and you turn the screw inside (through the hose connecting port) clockwise for increase and counter-clockwise for decrease.
I found the manufacturer's instructions to turn the vaccum advance "counter clockwise until stops, and then 4 full turns clockwise" a waste of time. It is designed to get you in the ball park, but it tends to be too much vaccum advance, and the timing light cannot keep up with it, so stops flashing. I would suggest to back-out the screw until it stops and then only turn one turn clockwise. Then adjust the advance as necessary to get no more than 38 degrees of total advance at around 3,000 to 3,250 rpm. You may have to venture in the 3,500 rpm to make sure that you got your max advance.