This was years ago, but I did all that. It was quite the process. I welded up the slot and gradually opened it up until I had about 4 degrees less than stock overall mechanical timing. This let me bump up the initial timing without pinging. My goal was fuel economy on 87 octane and the leanest mixture I could safely run with good drivability.
It was a lot of fun and eventually I locked out the mechanical advance and bought an MSD timing controller so I could fiddle with it even more easily.
Ported vacuum advance, on that application at least, minimized a slight bog at partial throttle I was having.