You are working on a 69 year old tractor w/o benefit of simple, common diagnostic tools. You can keep turning that distributor and pointing the rotor this way and that and you might get lucky. Or, you can pay $12 and buy a multimeter and set the dynamic timing, then borrow a timing light from the parts store and set the dynamic timing.
Your call.
If you decide to do it the easy way, here's how: Remove the #1 spark plug. (removing all of them makes the job a bit easier) Ignition off, place your thumb over the #1 spark plug hole and crank slowly until compression is felt. Continue to crank the engine until you see the timing mark, 0* (top dead center) on the flywheel through the timing hole in the right side of the bell housing. Use chalk on the flywheel to exactly align the 4 degree mark with the pointer. Hold the distributor beside the engine. W/ the distributor oiler at the 7 o'clock position & the stud at 9 o'clock, turn the rotor until it points roughly at the right front head bolt. (close counts) Now insert the distributor. Rotate the distributor housing counter clockwise until the points are closed. Put the cap on & double check the plug wires, 1-2-4-3, CCW. Then, remove the primary wire from the side of the distributor (or at the coil, whichever is easier) Put one lead of your VOM (set on resistance) on the stud on the side of the distributor & the other on the block or other good ground. Slowly turn the distributor. The needle will move as the points close & then open. Find the exact spot just as the points open & then tighten down the distributor.
Now check your work (and the dynamic timing) w/ a light.
If it won't idle below 500 rpm (400 is better) don't bother w/ a light.
If it idles ok, make 3 marks w/ chalk or white paint on the flywheel:
4*
10*
17*
Start the engine.
At idle, the light should flash & the marker should line up exactly at 4* if you did the static timing correctly.
If not, loosen the distributor & turn it until the marks line up. It should take very little adjustment.
Once you've got that done, increase the engine speed to 1200 rpms. The light should flash & the marker should line up w/ the 10* mark. Then, increase the rpms to 2000 & look for the marker to align w/ the 17* mark.
Close counts on the advanced timing. A degree or 2 either way is ok. But, no movement or 5* or more off means you have an advance weight problem. You don't adjust the distributor to fix that.
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