Okay, update time!
I reeeeeally took my time with points gap and static timing. I checked, adjusted, checked, adjusted, multiple times, getting it to a tight 0.012. I got static timing set correctly, and on the "F" marks (shown in the attached image). I got the bike fired up, and even got it to idle at ~1400 rpm! I check #4 dynamic timing and got a healthy, consistent strobe, just a little advanced - directly over the letter "F" (slightly ahead of the F mark). I checked #3 and got the same result - just above the letter "F." I did not try to adjust the dynamic timing further at this point, because I noticed a return of my cold cylinder 4 issue. I could tell the #4 exhaust was blowing cold air. Measuring temps of the exhaust manifold, #1-3 were ~160-170 degrees, but #4 was still a cool 95 degrees. Does this mean #4 is not firing?
The bike does not like to idle, the idle creeps up and doesn't like to come back down, and I've been unable to sync the carbs. There is definitely still some kind of gremlin in the system, but I'm at a loss.
1 - Is my assumption that cold exhaust manifold = no combustion correct?
2 - If so, how else can I investigate and troubleshoot?