Ultimately you need to know/set total advance. That is where your power is being made while riding. That is really the un-retarded position of the advance mechanism. Static, retarded, initial timing is very secondary to this, although you could get it idling, and running that way. Above 2500 RPM you need to be (un-retarded) fully advanced at least as far as the double slash marks, unless you are pinging under load, then you should use higher Octane fuel, or retard, til' that stops, or possibly try advancing some more if no pinging. So, you could get away with setting your timing by the ping method in a pinch, but a timing light helps, especially to get your balance of 1-2, and 3-4 at full advance. I would not assume that if I set my initial timing, that my full advance was going to be correct. Too much advance at initial will cause hard starting, or overheating. Setting initial is great for an idling bike. Setting the fully advanced (un-retarded) timing is going to set the power capability for the fuel you are running. Low grade fuel... lower settings of advance. 100+ octane... higher advance is possible.