That big clamp goes on the #1 plug wire there is a arrow on it that should be pointing towards the plug then he 2 clips go to battery. There are indexing marks on the points asembaly one on the rotating part and then some on the plate behind mark them with a sliver sharpie this will be good when you set your timing latter as for fuel the petcock will have a fine mesh in it that gets clogged it is meant to be a filter but I tend to take it out and just run a inline fuel filter
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Thanks Mantree, listened to your instructions and got it to work. Prior to using the timing light, I saw that the gaps on the points were opening too wide so I adjusted them according to the manual. After this, the bike started. Then I used the light and this is what it showed
Could the problem have been the gap between the points? I'm afraid there is more to this story...
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