Ok, let's give your timing a shot.
I'm better with electrical but we can do this.
You have to set your points gap first.
.3mm feeler gauge.
Rotate the crank counter clockwise till the points are at their widest opening.
Check the gap--it should be .3mm
If not, slightly loosen the screw indicated by the green arrow.
The pink arrows indicate where you can put a slotted screwdriver to pry open or closed the points' contacts.
Insert the feeler gauge between the contacts.
Adjust points and tighten screw.
Static Timing
Look through the hole indicated by the orange arrow.
There will be a line inside the hole at the top(indicated by the short green line).
As you rotate the crank counter clockwise look inside that hole. You will eventually see an "F" with a line right before it.(black and white photo attached)
Rotate the engine till the F line aligns with the mark (green line) above it.
slightly loosen the 3 screws(pink circles)
meter on ohms
engine and ignition off
one probe clamped on the terminal with the green circle
the other probe clamped to the points housing(light blue circle)
What you want is for the meter to go from 0 ohms to Open when the F mark lines up with the green line.
You will rotate the points plate till the meter reads "open circuit". Use a slotted screwdriver on the pry points in the green box to rotate the plate.
Tighten screws in pink circles down
Rotate crank counter clockwise and watch meter to verify points open exactly at the F mark.
Readjust the points until you get the meter to change exactly when they line up.
We still need to figure out your voltage drop at the coils. You may have to do the relay modification as well. Pretty easy.