First, the static timing light is simply a 12V light bulb wired across the points terminal (or spring) and ground. With the ignition on, you should get 12V across the points when they are open, zero when closed. It tells you when the points just begin to open; better than you can see by eye.
1) Position the points plate at the middle of it's travel and snug it down.
2) Turn the crankshaft clockwise to put the rotor on the "F" mark.
3) Adjust the points so they are just closed - this is just to get you in the ballpark.
4) Rotate the crankshaft clockwise until the points are at their max opening; they will open quickly and stay at max open for a good bit of crank rotation; you can just eyeball it, there isn't one point that you have to catch exactly.
5) At max open, set the points to about .014" and snug them down. Don't be a hero here, those points screws strip pretty easily.
6) Again, Rotate the crankshaft clockwise to put the rotor on the "F" mark.
7) Ignition on
Now loosen the points plate and rotate it back and forth until the static timing light flickers between on and off and snug it down again.
9) Turn the crank clockwise - the light should stay on for a while, then go off as the points close, then on as the rotor "F" mark again passes the pointer.
10) If the light goes on too soon, the timing is advanced; too late it is retarded.
11) To advance the timing, rotate the points plate counter-clockwise or open the points gap slightly; you can loosen both screws and use the eccentric, or just bend the ground-side of the points slightly.
12) To retard the timing, do the opposite, rotate the points plate clockwise, or close the points gap slightly.
13) Rotate the crank around a few times to be sure you've got it. Since the points cam has two lobes, you may never get both sides perfect, but you should be able to get close.
14) IGNITION OFF
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