Once I have programmed my initial advance at 5 degrees/1100 rpm and my total advance to 34 degrees/5000rpm via the 123 app, what should I see when checking the timing with my strobe light on the fly wheel while engine is running at 1100 rpms and 5000 rpms?
I guess you also have 5 degrees at 500 rpm? Then you can adjust the timing mark by turning the ignition to 5 degrees at 1000 rpm.
What we normally do and recommend is at 500 and 1100 rpm program 0 degrees and set the distributor by turning the distributor to the required 5 degrees (or 8 degrees?), this with the stroboscopic timing light. Then program the required centrifugal advance. in your case probably 34 - 5 = 29 degrees.
if you program a curve that has 0 degrees timing from 500 to 1500, then get the engine started, now put the timing light on and rotate the distributor till the TDC mark lines up with the timimg marker, no you know your 123 has 0 synced to TDC. Now your 5 and 34 will both be 5 and 34.