Most reliable 12v feed would be at the starter motor, if accessible. Any good earth will do for the negative.
To properly test the advance mechanism you need the advance details. Sometimes this is a graph or table showing degrees advance for certain engine speed steps, sometimes just a maximum at an engine speed. Whichever, it should not advance too early or too late.
Pay particular attention to whether this is tested with vac connected or disconnected, and if disconnected, is it blanked or left open. Usual method is disconnected and blanked to prevent extra air entering the inlet manifold. Vac advance/retard can be measured too.
You need a timing strobe with a degree gauge or dial.
Highlight the TDC mark.
With engine warm and ticking over, use the advance dial on the strobe to align the TDC mark and note the advance. Adjust as necessary.
Raise engine revs to first step and adjust the strobe dial to get a reading. Compare with the graph or table.
Repeat for other steps.
Repeat again for vac check.
If anything is wrong, causes will be general wear - slop or stiffness, weak or wrong springs, or vac diaphragm perished. Repairs best left to a specialist if you can find one, as they will have parts, an assortment of springs and a test rig.