the distributor adds 20 deg at full advance. That makes 60 at cranking speed and the box pulls out 20 so it's still trying to start with 40 degrees. May happen but my ign is locked at 38 and it's a bit hard to start hot even with my box taking timing out.
I also can't see how the motor would run even if it did start. For years I set my timing by ear. Rev it up, advance dist until it ran rough then back it off a little. Finally put a light on it and I was at 38. I doubt I ever got past 45 before it was to the point of hurting itself.