Thanks Mark, I do have a Clymers, and I do have the print outs from the CB500-550 shop manuals. I guess what I don't understand is this: what do they mean by the 'cam lobe' and the 'slipper' because the shop manual references both of these. And if I don't know what they are, then I don't know where the "highest position" is to check the gap.
In figure 13 it shows a 1.4 highlighted through the breaker plate hole, so I assume the "highest position" is meant to be the 1.4 T mark, but I don't know.
Is the "slipper" the arm that has one of the points in it, that moves up and down when the crank is turned?
You are correct about the slipper, it is the phenolic tip that rides on the cam.
the 1-4 is the LH set of points as you look at the cam plate.
I never can find the scribe mark on my cam so I find the high point by putting the slider in contact with the cam, then slowly rotating it until the points open. Then moving it very slowly till I am confident I have found the high spot, small moves.
repeat this for the 2/3 points.
then set the timing with a test light or meter, 1/4 first.
I turn on the ignition and look for about 11.5 volts across the points. When the points just open, this drops to zero volts, twist the primary plate so that this occurs at the F mark.
Attach across the 2/3 points and move the secondary plate to reach the same condition.
You can double check the gap with a dwell meter, some here swear by them, i do not find them necessary to have the bike run well.
I do double check the timing with a light as it allows me to see the mechanical advance work as the throttle is advanced, reaching maximum advance ar about 2500 RPM.