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I know this varies... but my base timing has always been 17BTDC. Not that 2* is a big deal, but in your case, every little bit will help lol.
Gap your plugs to .030
As far as the third line coming off your tank, it does not go into the tranny tunnel, it goes to a check valve; and then to the hardlines along the passenger frame rail... and you do NOT want to cap it off. Your tank needs to 'breathe' in order to maintain proper pressure between the indise of the tank and ambient... That line is your evap line that helps perform this function; as well as allowing excess fumes to be sucked into the intake manifold... reducing explosion hazard and adding to fuel economy.
You are leaking fuel. Find & fix the leak(s).
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