KSD,
Triumph never could quite make up their mind on this, though they did change to the lower setting at one point. We use .012" and it works just fine.
Concerning static timing: Once, when even I was younger and pterodactyls roamed the skies, there were not many timing lights around, and so static was the only way to go, with the advance curves beinbg worked out on something called a slide rule, which we carved out of Bronto bone. The English will hang on to an old technology for quite a while. They did. You don't have to.
Make sure your distributor is in top condition, with the advance and vaccuum systems functioning correctly. If it is not really good, you should consider having it rebuilt and possibly recurved by a professional such as Jeff Schlemmer at Advanced Distributors. Once you have it installed and right, set the timing statically one last time. When you have satisfied yourself that it runs well, return the engine to that static mark and put a paint mark on the front pulley where it is convenient to see and time with a light. Now run the engine at idle and see where the mark wants to "live" with a timing light. Put a corresponding mark (or marks if you want to have a scale) on the timing cover. Now you'll be able to check it any time you want with the admittedly quicker dynamic method.
Motorbill
From Lola to Land Rover, If it's British and has wheels, it's likely I've bloodied me knuckles thereupon