The 312 I'm rebuilding seems to be a Mercury engine. When I checked the tune up specifications there seems to be some differences from the Fords... Do they use another camshaft and carb combination? Are there any other differences such as distributor?
If you want a performance engine, or you are not worried about a perfect pre 57 restoration, the best parts are 57 or newer intake and distributor. The 56 and older distributor must be connected to the carburetor it came with to make the advance work right.
you may find that there are differences because of the head casting numbers that translates to differences in compression ratios (IIRC). Go here to find out good info... www.ford-y-block.com
If the heads are original to your '57 Merc, They should be ECZ-G. You should also have the higher ratio rocker arms, ECG's I think.
here is another good link on head information.... http://www.yblockguy.com/head_casting_numbers.htm Unless you are going with STRICTLY 1957 era stock mechanical and ignition parts per OEM, disregard most of the tune up specs for your engine... especially if you do ignition upgrades. The biggest change is your dizzy, and keep in mind that Y blocks wake up with lots of advance. I run 10 degrees initial advance (crank pulley per the timing pointer)