with the #1 @ TDC and both its valve rockers loose #4 valves should both have tight rockers. This means that #1 is post compression pre power stroke and both valves are closed #4 is post exhaust, pre intake stroke and both valves are partially open (AKA on the rock) If thats not the case, turn the engine over 180 degrees and check off on what 2+3 are doing. then turn over another 180 degrees and recheck har 1+4 are doing.
If you cant get a bead on whats happening with the valves at this point redo the valve adjustment and If it still doesnt work out then the cm timing is off.
Assuming that you hace get #1@tdc with both valves closed...
drop the dizzy in and wiggle it round till it slides in and engages in the drive. wherever the rotor arm points is the firing position for #1. You're not timed in yet, you're what I call "Correctly phased" (assuming you get the firing order correct on the dizy cap
To time the engine rotate the engine 300ish degrees and watch for the timing mark as you go a further 60 degrees. Stop when you hit the timing mark alignment. Now you will be at the correct static timing for #4. connect a test light from bat+ to your points connection and "bracket" the position that turns the light off. Once you have that worked out rotate the dizzy against the direction of rotation of the rotor until the light comes on and then rotate back until the light only just goes out. lock the dizzy.
Rotate the engine 300ish degrees again and with the timing light in a position where you can see both it and the timing mark turn the engine again untill the light goes out. If you've got it all right it will turn off as the marks align and you now have a correctly timed engine. all you have to do is put the cap on with the leads in the correct position.


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