There is a collar on the distributor, secured by two bolts with 5/16" heads. This collar is about 1/2 way up the distributor body and rotates to set the carbs to open.
So, with spark plugs 2-6 out, installed in wires and grounded, prop off, motor in gear, jumper the starter solenoid to crank the motor with the timing light on cylinder #1. Advance the throttle until timing is 4-6* BTDC. Now check the carbs. They should be closed and just ready to open. If not, adjust the collar on the distributor to make it so.
Advance throttle all the way, and read timing. Timing s/b 21*BTDC. Adjust max spark advance set screw, above distributor to set it properly.
Carbs mixture screws are set 1-1/2 turns open. Install spark plugs, and prop and run and warm motor. Now set idle mixture in gear to smoothest.
Now start to richen carbs one at a time until you achieve smooth acceleration.
On another subject, on MerControl, one slot on 3 slot female plug is horizontal. That is tach signal, with a brown wire. The other two are with ign power and black ground. Spade terminals will work for these prongs. On your motor, the brown tach signal wire may still be attached to the switchbox. This requires a Mercury only tachometer, and it may not be available. The fix is to attach the brown wire to one of the yellow rectifier wires. This allows a universal tach to be used.