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OK. So, Now I've tried adjusting the timing 4 or 5 times according to this commonly used description. There are a bunch of these descriptions out there & are all pretty much identical. It ran OK before I started, but backfired out the muffler in between shifts & only ran fully advanced. now it won't start at all. WTH. As per this way of adjusting, I get the light on at the first click down from top.
http://pvmafc.org/phpbb/viewtopic.php?f=8&t=4