I just wrote this up, in answer to a PM, and I thought I would post it here. Probably been done a hundred times, so here is #101:

If you have the original points, then you can static time the motor, and as a final check you can use a strobe timing light if you wish.

First step is to remove the point plate, and then remove the mechanical advance unit for inspection, cleaning, and lube. On these older bikes, most of the advance units are worn out and in need of replacement. If the weights are flopping around on the pins, the unit is toast.The import replacement advance units are serviceable and will last for a couple of years if properly lubed. White lithium grease on the pins and center post and all points of contact is the way to go. Install the advance unit being sure the drive pin is in the slot on the cam nose. Tighten the bolt gently, remember it is only a 10-32 size, despite the 9/16 hex head.

Once that is handled, set the point gap to .016 - .018 on each lobe. A difference of .002 between lobes is acceptable. If the difference is more, use a soft (aluminum or brass) drift and small hammer to bump the point cam toward the lobe with the smaller gap. Drift on the bolt head, and go easy. You may have to do this a couple of times but it's worth the trouble.

Once the point gap is set properly, you can do the static timing. Find the advance timing mark on the flywheel:
Remove plugs. Remove the timing hole plug.
Jack up the bike so the rear wheel is off the ground, and put the trans in high gear.
Roll the motor forward using the rear wheel, and with a finger over the front cylinder plug hole, feel for compression.
Pay attention now, this ain't in the book: On the rear cylinder, with a screwdriver or piece of wire or whatever, feel for the rear piston to come to TDC as you continue to turn the motor forward with the rear wheel. If you have felt compression on the front cylinder, the rear piston should be near TDC, so you won't have to move the motor far. After the rear piston is at TDC, look in the timing hole and roll the motor forward a little bit. The advance timing mark will appear in the hole. Stop when it is centered in the hole. If your motor has the original flywheels, the advance timing mark will be a vertical line.

Now, to set the timing, you must turn the point cam counterclockwise to the limit of the advance unit travel, which is full advance. I use some small 90 lock ring pliers, or small bent needle nose pliers to grab the point cam and twist it. You may need to unscrew the condenser and move it out of the way. You can let it hang by its wire. You want the points to just start to open as the point cam hits the limit of its travel. Adjust the point plate as needed to make that happen.

You can use a test light with the lead clipped to the point wire, and the probe grounded. With the ignition on,the light will light as soon as the points start to open. Don't leave the ignition on, because it will fry the coil if you leave it on with the motor not running.

After all this, you can check with a strobe timing light, looking for the advance mark to come to the center of the timing hole when the motor is revved up. You need one of the clear plastic plugs for the timing hole to keep the oil off you. I find that the static timing is sufficient if done correctly, and so I do not use a timing light on point and coil systems.

Hope this will help someone who is new to the shovels or ironheads.

Jim