I am having similar issues with my K1. I can get the 1-4 gap and timing perfect but 2-3 would be out of range and can't hit the timing F mark. I was playing with moving the timing plate(s) around but then Thanksgiving and Christmas busy time interrupted the fiddling. I guess I will have to start over fresh and see which movement directions affects which timing adjustments.
I'm having the same problem with my '77 CB550 right now. It's never been a good cold-starter and I decided to go through a full tune-up this winter. Found the timing was way off. I have to rotate the points plate almost all the way CCW to get 1-4 advanced enough, and then I do not have enough adjustment on 2-3 to get it in spec (remains too advanced). I haven't checked to see which points I have per HondaMan's post above. Will check the advancer stud for straightness and try this advancer trick if the springs seem loose.
The 550 does not have this shaft: it is held together with a bolt instead.
The mis-timing problem you describe sounds a LOT like Daiichi points on a TEC baseplate. I did a post long ago about how to make them work, it goes something like this, with the points off the baseplate:
The non-moving ground arm must be bent upward toward the moving arm (the geometry of the Daiichi baseplate is simply wrong). To get there, I bend the ground arm upward, then clamp some ViseGrips on the baseplate as my "grip" and bend the ground arm back out again, parallel with the moving contact. This causes the ground contact to move inward, toward the backing plate, and upward toward the moving contact, but it still leaves more than enough contact area to run the coils. I ran my 750 this way for 4 months and then put my first tester Transistor Ignition on it like that, and ran it 6 more years (it might have been 7) before I found a TEC baseplate assembly from South sound Honda. It dropped straight in, instead of all the fiddling.
In the end, it came out as 0.014" gap on the 1-4 points and 0.012" gap on the 2-3 side when I got the timing right. With the Transistor Ignition this small gap on the 2-3 side doesn't matter as much as if just running the stock Kettering setup, because they don't arc now.