Outstanding..!
Member Fingers brought up an important point about setting [initial] ignition timing: "Disconnect the vacuum hose from the distributor. BOOM! You're in "timing mode".
Not only remove but PLUG the distributor vacuum line end because a vacuum leak can cause the engine RPM to change and RPM must be set before setting timing... I suggest double check the whole RPM & timing process twice as a sanity check...
Fingers MR50 thread here: http://www.mightyram50.net/vbulletin/showthread.php/9480-My-2-0-86-Mighty-Max-is-running-really-rough?p=84834#post84834
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