Timing and points are pretty easy- you just have to make small, patient adjustments (like pretty much anything on a bike).
Do your point gaps first - changing your point gaps can change timing, changing timing shouldn't change point gaps.
You will need some feeler gauges to measure the gaps, a (24mm?) socket wrench to turn the crank, and screwdriver to remove the point cover and adjust the point gaps.
This is how you do it on a 350F, should be similar for the 550. I don't know the gap for your bike, but you can find it in the FAQ or a shop manual.
- Remove point cover.
- Crank the engine by putting the socket wrench on the big ass bolt in the middle and turning it clockwise
- Look through the little window in there, stop on the 1-4 T mark. Cyls 1 and 4 are now top dead center.
- The points on the left are for 1 & 4. Adjust the gap by loosening the screws that hold down the backplate, turn it slightly. The the feeler should just slide in and out. Tighten down screws. Get angry that in doing so you changed your gap a bit, and do it again.
- Do the last two steps for 2 & 3 (Remember to set these to top dead center first, and that these points are on the right. Different screws hold this one down).
- Go back and check that 1 & 4 didn't change. Adjust if necessary and, if you do, check 2 & 3 again. Repeat forever.
Point gaps are set. Timing time.
Go get a timing light. They're like $30, you can use them on every vehicle that you and all your friends work on, it's quicker, easier, and more accurate. And you'll have a pretty sweet laser gun for your Stargate costume this Halloween.
- Clip on the battery clips, clip on the magic spark plug cable clip on # 1 or 4.
- Start bike, set it to idle around 1000 rpm (I believe that's the correct idle speed for your bike)
- Look through the little window in there. Point the gun in. Pull the trigger. You should see the top stationary mark lining up with the F (fire) mark on the timing plate. It won't be, so you're going to need to loosen the bigger giant backplate and rotate it a tiny bit to get 'em to line up.
- Move the magic clip to # 2 or 3 and do the same thing (Remember the timing plate for these is the smaller one on the right)
- Go back and check that 1 & 4 didn't change. Adjust if necessary and, if you do, check 2 & 3 again. Repeat forever.
Enjoy. The second time you do this it will take you 1/10th the time it did the first.
I'm falling asleep while writing this. I'm sure I forgot to mention something.
