I have the same problem- lightened flywheel. Luckily I have a belt drive kit- it has timing marks on the cover..
2 solutions:
1. put a late Clubbie timing cover on it- it has marks there too....
or,
2. Forget the static marks- just advance until it pings a little then retard it a fraction. The original timing specs for leaded fuel are no good now anyhow, and who knows what cam it has... that will affect it too.
Once it is running right, just put a mark on the flywheel (use white paint pen) for the strobe light.
Mine runs 35* total advance at 4500 rpm. I have a mark on the crank pulley, and another on the timing case, at 35*. (my dizzy has a 10* advance cam- that's 20* at crank).
That's about 15*static advance running 98 octane.

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DrMini- 1970 wasaMatic 1360, Mk1S crank, 86.6HP (ATW) =~125 @ crank, 45 Dellorto (38 chokes), RE282 sprint cam, 1.5 rockers, 11.0:1 C/R.
