The flywheel picture looks about the same as the ancient Villiers 2 stroke on the 12" ATCO I had long ago. Mine did not have a timing mark on the outside. The precise breaker gap you use will most likely cause the actual ignition timing to vary quite a bit from the timing mark.
So, you just set the breaker gap, put the piston on TDC, and install the flywheel with the flywheel timing mark 3/16" to the right of the stationary timing mark (so that when rotating clockwise it will fire before TDC, not after TDC)? Sounds like they made it all quite a bit easier in later years.