Yep, good clean, a little grease under the weights & a little oil down the shaft. If you have the tools, replacing the main shaft's fibre washers will reduce endfloat, but it's not 100% essential. If you have pinging down low, increase the spring tension a little on the small spring & finally, it pays to check the timing on all four cylinders to gauge points cam wear, shaft wear and/or bends.

Cherry red exhaust at high idle or during cam break-in at 2000+ rpm sessions is fairly normal. Adding vacuum advance can fix this, but doesn't actually help improve MPG, so it's not worth the effort.