I agree, the bolt for loosening the distributor clamp is difficult to get to. I replaced the original bolt with a sleeve and a longer bolt to make it easier to get to when setting the timing. I think I have a photo of it and will look and post it if I find it.
Also, check your owner's manual. There in it is described the "Octane Adjustment" feature for quickly advancing and retarding the timing to cope with the wide range of gasoline quality when these cars were new. Don't have a manual? They are available in reprint from Kanter or maybe the Packard Club.
JWL
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