It will run fine. I have a Unilite. I recently disco'd the vacuum hose and plugged it based on advice from Mallory. A Mallory unilite is designed with 24 degrees mechanical advance. So if you set initial at 12, add 24, you got 36 total.....See my other post in Engines regarding a Mallory. Search for Mallory in the last 3 days.
Or email me any questions. There is a great tech support person at Mallory that will answer all your questions and he is very patient.