here is an update, first thank you everyone for your help.
i have adjusted the valves to 0.003 and 0.007. i have also put chamption copper plugs instead of the double platinum. cleaned the antiseaze i had on the connectors ( i had a lot and heard that can mess up the spark), routed the cables as per the original setup.
changed the thermostat and coolant.
AND FIRED the car.
started at the first shot and was running much better than before.
i took it for a drive and the power is there, no hesitations nor back fires.
Good so far.
i can still smell gas somewhere, probably have to work on the mixture setup but before that something more important:
I hear ticking coming from the engine, not sure if it's from the valves or somewhere else.
Also when i drive 100 km/h for example and want to accelerate to 110km/h i hear thrashing sound from the engine. like metal grinder and once i get to 110 and keep it there the sound is not as loud but still noticeable.
Is this normal and if not what can cause this type of ticking?
Here is a youtube video.
p.s. i haven't done the timing yet
What should the timing be set to?