You can accurates set the timing statically, but there are some
'tricks.'
Turn the engine over several times with the crank and stop when
the distributor rotor points to #1 plug and the timing marks line
up. If you've gone to far, you don't back the engine up, you
must go around two turns again.
Twist the rotor clockwise to eliminate any slack.
"Slacken" the clamping screw.
Turn on the ignition.
Turn the distributor counter clockwise and then slowly clockwise.
Use a mulitmeter or test light to see when the points open. Or
you can also, listen for the points to snap.
Tighten the clamp
To verify the setting leave the mulitmeter of test lamp connected
and slowly turn the engine with the crank. When the meter
indicates ignition, stop and look at the timing marks on the
crank pulley.
I have read that some untuned engines can be run slow enough so a
standard timing light may be used.
Another suggestion was to remove the sparking plugs, turn the
engine over with the starter and use a standard timing light.
At standard idle, John Twist says 13 degrees BTD. Got to
http://www.universitymotorsltd.com find the section 'Let's Get
Technical' and go to question 49 if you want it from the
proverbial "horses mouth."
Blake
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