I'll tell you how I set static timing on mine. Mine has a distributor, so a mag may be a little different.
1. Remove #1 spark plug, put finger in spark plug hole, and have someone crank engine until compression stroke starts - them stop cranking.
2. Look for hole in left side of bell housing between the two implement mounting bolt holes.
3. Have someone slowly crank the engine until you see a mark on the flywheel marked "TDC."
4. Stop cranking when the mark is in the middle of the hole.
5. Loosen the bolts on the distributor.
6. Turn the distrbutor clockwise, then counter-clockwise until you have about .001" clearance in the points.
7. Tighten the distributor.