Getting that timing light "square" to the flywheel can be a chore what with carbs and cables blocking a straight visual shot. Since you're there abouts, some owners will use a Q-tip saturated with carb cleaner to clean off the debossed markings, then smear some white paint on 'em. Then, when the paint is mostly dried, a thin paper shop towel, with a dab of that carb cleaner, will clean off the excess leaving clear markings for your next, and easier, timing drill.
Here's the deal. If you make two major alterations and do not feel one is perfect before making anther major change, say new carbs and ignition system for example, you really don't know where the final problems are. You'll end up chasing your tail and, eventually, find the fault.
You may want to write that down. <sarcastic humor> [smiley=wall.gif]