Kz750n: Dyna S ignition timing won't line up

Hello,

I've owned a kz750 Spectre for a couple of years now. Love it.

But last summer I had tons of starting/ignition issues... Before winter hit: a starter rebuild, new solenoid, new battery and a Dyna S Ignition System was installed.

Now it's time to ride and it's so close to running.. I actually had it running but the power through acceleration was really poor and had some backfiring, at carbs and pipes. More at the carbs though...
I cleaned the carbs, replaced the air filter, and cleaned up the intake mounts in case they were cracked.

Now that it's all back together, I spent the morning trying to set the timing. Won't even start. Tried setting it statically so I could start it, then use the strobe..

As per Dyna's instructions, I had a test light set up and tried turning the motor to line up the F1-4 timing marks via the light turning on... The light would only turn on on the opposing T (not closest), shifting the plate didn't help much either.

Any suggestions? Am I missing something?

Everything I've searched has addressed small dyna timing issues or wiring.

Thanks in advance for any advice.