If you have not already, buy a repair manual for the truck. Reprints are available and pretty good quality.
I don't think timing or valve lash has to do with the strong gas smell but there are some things to be aware of before adjusting either. Assuming that the engine has never been rebuilt, the rocker arms are probably worn wear they contact the valves. This makes it impossible to adjust lash with a feeler gauge. This article describes a way to adjust lash without a feeler gauge,
http://www.y-blocksforever.com/tech/html/valvelash.htmlThe damper has also probably slipped. This will make it impossible to adjust timing. The best solution here is to have it rebuilt or replace it with new. Since the engine does run, I would not recommend adjusting timing until it is determined that the damper is good. If it's original, the one it rolled off the assembly line with, it is not. Replace or rebuild it.
Timing is pretty easy. You need a timing light. Follow the specific instructions for the light you have but in general, attach the pickup lead to the #1 plug wire and the power leads to the battery, #1 cylinder is at the front on the generator side. Disconnect the vacuum line to the distributor and temporarily plug it so there is no vacuum leak. Start the engine and use the light to see where the timing is. The pointer will be on the generator side of the engine, just below the water pump. The pointer is actually fastened to the engine via the lower water pump bolts. If adjustment is required, loosen the distributor clamping bolt and turn the distributor until the desired timing is achieved. Clamp down the distributor and check one more time to ensure that nothing changed while clamping it down.
Lawrenceville, GA