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That timing sets should work. Get this set to seal it back up. https://www.summitracing.com/parts/FEL-CS8171-2 That nylon coated timing set is about the only reason an Olds 350 needs pulled apart after some miles and years. The timing cover can be a pain to put back in, the lower seal will need trimmed on the cover. Hopefully the Edelbrock carb will work OK, many have issues with them. It will no doubt be too rich for that motor.
He would be wise to pull the oil pan to clean out all of the debris that will get drawn into the oil pump pick-up screen. I've seen it happen a number of times.