Kicking over a shovel for the first time ['74 FX]

[Dogbone45ACP]

 Looks to me the cam is not lined up correctly. There are two timing marks on that pinion gear the long one should point to the right at about 2 o clock. the one in the gear tooth needs to be at 12 o clock and aligned with the cam mark.
 The extra mark is left over from generator motors. It was for timing the distributor.
 My early factory service manual has a very good picture in it.   

[Dogbone45ACP]

The mark Rigidthumper circled is the correct one to time the cam.
I don't know how to post photos. I can text the picture from the service manual if needed.

[Ohio HD]

I remember the mark being a stamped line?
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Could be, I know the OEM gears had two marks, and maybe what you show. It just looks skewed like it's gunk. A good cleaning is needed.

[Ohio HD]

I remember the mark being a stamped line?
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I just counted, there are supposed to be three teeth between the two marks. That probably is the mark needed.

[jml]

Yep, I think you all have helped me solve the mystery.  I missed that there were two marks on the pinion gear and I was indeed using the wrong one.  I haven't tried to start it up yet, but it seems like a three-tooth adjustment is probably going to make a big difference in how it fires.    And no surprise, but the adjustment plate is now in a much more reasonable position (and kudos to whoever mentioned using a 12mm wrench to hold the points cam at advance, that worked perfectly).  

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[Dogbone45ACP]

That looks correct.

[JW113]

Better late than never, but looks like you guys nailed it.

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-JW

[jml]

I threw everything back together after work, and lo and behold:

- the timing adjustment plate is at a much more reasonable position (instead of all the way at one end or the other)
- it kicks over much easier now, with no kickback or backfiring
and
- it actually runs!  It definitely isn't a one-kick bike yet and it didn't run long enough to get a video, but I did have enough time to verify that the oil pressure light went out and oil is making it back to the tank, so I'm calling it a W for now.  My knee and ankle are really unhappy with me after the adventure of the last few days, so I'm going to work on some other stuff for a bit (there's a lot left on this bike, I just wanted proof of life after making it this far).  Thanks to everybody who chimed in with advice and suggestions.

[JSD]

Using a test light will give you the same result as a ohm meter.

If you don't have an ohmmeter or test light, place a thin cigarette rolling paper (or thin wrapping tissue paper) between the closed points. Rotate the plate as described until with light tension the paper starts to slide out from between the points. Your points are now opening and should technically be collapsing the coil field to produce a spark. Check the timing mark from that position.

Old way I did it the same. Shame I don't roll my own or smoke. But that's how I did it back then 

[98s1lightning]

Glad to hear its running! 

Congrats