Well....I gave it a full tune today and found a couple of issues.

First and worst, the vacuum advance was not working....
One of the PO's had replaced the bolt which hold the points assembly in place with one that was too long, the breaker plate was jammed as a result and did not rotate at all!
Lubed it all up, filed the bolt down - vac advance NOW works.
Set the points while I was there.

Second, choke plate was not fully closing which explains why its so hard to start on a freezing cold morning.
Fixed.

Third, valve clearances were fairly off.
Strange because I only did them about a month ago.
Anyway....fixed.

Fourth, the dissy cap had cracked through where one of the clips goes on.
Cheap crap from a certain 4x4 shop....its only a month old.
Filled and shaped it back together with Devcon. (until I can order another)
Fixed.

After all that I redid the timing, I just advanced it until it sounded nice.
Im assuming the timing marks are no longer accurate for whatever reason (chain stretch?)
If they were it would be set about 12 degrees BTDC??
Does not pink on hills or at full throttle, doesn't run on.

Set the carby.

It runs like a dreeeeam now!
Much smoother, much more pull at low revs, really happy.