If you pull it all the way out, all you see is the open female drive slot in the end of govenor shaft where the mags drive coupler mates into.
The advance run timing is a function of the mags drive cup (like if its a 25 or 35 advance drive cup),,,,,,,,,the rotational position of the mag in the governor housing (forward CW retards, CCW backwards advances) ,,,,,,,,the points gap,,,,,,,,wear n tear n slop in the drive n gears etc.,,,,,,,,,the correct govenor to cam timing
You can use a timing light when shes running to see just where the run time advance is firing it (should be in the 20 to 30 BTDC or so range) and that can be adjusted to some extent by loosening the mags top n bottom bolts n turn it CW to retard or CCW to advance it.
The initial start impulse timing (when she snaps) is a function of the mags rear lag angle adjustment plus again the CW or CCW rotation in the govenor and points and wear etc. That needs to be right near TDC for good starting.
If CW or CCW rotation in the govenor cant get the run time advance in the 20 to 35 BTDC range you either need a different drive cup or perhaps the govenor to cam gear timing is off.
Duane Larson has a canned timing procedure on these, Ive never refined and saved mine, I need to do that.
John T