If you've tinkered with the full spark advance stop screw (screw w/rubber stop cap), set the full spark advance as follows.
(Timing At Cranking Speed 4°)
(J. Reeves)
NOTE: If your engine has the "Fast Start" feature", you must disconnect/eliminate that feature in order to use the following method. The "Fast Start" automatically advances the spark electronically when the engine first starts, dropping it to normal when the engine reaches a certain temperture. (Your engine does not have this feature, ignore this note)
The full spark advance can be adjusted at cranking speed,"without" have the engine running as follows.
To set the timing on that engine, have the s/plugs out, and have the throttle at full, set that timer base under the flywheel tight against the rubber stop on the end of the full spark timer advance stop screw (wire it against that stop if necessary).
Rig up a spark tester on the #1 cylinder plug wire. Hook up the timing light to the #1 plug wire. Crank the engine over and set the spark advance to 4° less than what the engine calls for.
It's a good idea to ground the other plug wires to avoid sparks that could ignite fuel that may shoot out of the plug holes. I've personally never grounded them out and have never encountered a problem (fire) but it could happen.
I don't know the full spark advance setting your engine calls for, but to pick a figure, say your engine calls for 28°, set the timing at 24°. The reasoning for the 4° difference is that when the engine is actually running, due to the nature of the solid state ignition componets, the engine gains the extra 4°.
If you set the engine to its true setting at cranking speed, when running it will advance beyond its limit by 4° which will set up pre-ignition causing guaranteed piston damage! You don't want that to take place.
No need to be concerned about the idle timing as that will take care of itself. The main concern is the full advance setting.
Be sure to use your own engines spark advance settings, not the one I picked out of the air here in my notes.
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Now...... after you've untied the timer base etc and have the vertical throttle arm fully retarded.... Start the engine and move the throttle (vertical throttle arm) to wherever it has to be in order to start and have the engine running. Now, with the engine running, turn the idle stop screw in to wherever it must be to keep the engine running at a proper rpm.
If a 20" shaft, and running on a flushette, idle at 1000 rpm....... if a 25" shaft, idle at 1200 rpm.
The problem is that your mind is locked in with the thought that the vertical throttle arm must be perfectly vertical in order to start.... which is not so. Many of the models around that year ended up with the idle stop screw (on the vertical arm) screwed all the way in.
A passing thought......I'm assuming that you do have the proper carburetors and high speed/low speed jets installed on that engine?