Okay, we all know that the book says 28-32 degrees dwell specs on a stock factory distributor set of points.

Now that I have installed the Unilite Ignition Module Model 501 and my dwell meter indicates 35 degrees, do I need to be concerned that it is not within factory recommended specs? There is no adjustment, right? What effect will this have on the timing?

It is electronic. There is NO reason for it to measure the same as a points system.

HEI modules vary the dwell depending on RPM. Again, NOT an issue.

You set the timing with a timing light, same as with points.