First/ choosing the correct key-way (only one on the shaft) As you noticed, if the parallel points cam is fitted reversed, both key-ways retards it too much. Using the points cam 'correctly' (the lift shoulder on the cam is now going clockwise)and choosing the most advanced Key-way, and turning the points frame anti-clocwise, making the most advanced of all choices, I think it is about 25Degrees.
I tried holding the 'hot' lead and turning the flywheel backward and forward, trying to feel when it sparked, while watching the piston/flywheel, so see if I could get some accuracy, but not too good. With the flywheel closed in as photo, is there a way to make a 'simple' timing light from the spark lead?
I think I might have a compression tester somewhere!
Confession time!! When I replaced the barrel I broke the top ring

50 years of experience and now I forget the ring locator pin!! I removed it and moved number two to the top of the piston.)
I'll report back in a couple of days after your tests.
Cheers, Camerart.