I don't know how Pertronix makes the alignment, but if you didn't change the position of the distributor body during the install, then finding the timing out that far when first starting the engine means something has changed. On the Crane system the optical trigger has to be set correctly in order to prevent rotor to cap misalignment. I suspect that's what has happened.
The Bosch electronic is quite simple. Two wires from the distributor to the control unit and two from the control unit. It does not link with the FI system at all. Volvo used breaker points with carbs because those cars were intended for third world markets without emission laws -like Canada at the time. Volvo built carbed engines into the late 80's, but none to Canada afer 1984.