Main Motorcycle: Rickman T120
Join Date: May 2010
Location: Victoria Australia
Other Motorcycle: T160,TR6
You shouldn't mess with the ignition timing until the bike is running and you check it with a timing light.It will be close enough that the bike should run.
You should check that there is spark at the plugs.If not,it could be something simple like the kill-switch on the handlebar in the off position,or even bad contacts in that switch or the wiring connectors that feed it;or even just dirty/corroded points that need a clean with emery paper.You should have battery voltage at the -VE coil terminals whenever the ignition is on (provided you still have points ignition).You could test that with a meter or test light.You should have battery voltage at the moving points terminal when the points are open,and zero voltage when they close.
You need oil flow into the engine.If the oil light goes out after 1 or 2 kicks,that's a good sign.Don't even concern yourself with return oil,until a minute or 2 after the engine starts.More harm than good can be done trying to get oil return before the engine has started.
The carbs will need a clean.At a very minimum,you should remove the drain plug and check fuel flow.Then check that the main jet is clear;the jet orifice is a little over 0.045" diameter.You could clear it with a piece of small copper wire.
While the drain plug is out,you should check that the pilot jets are clear.Remove the mixture screws and squirt WD-40 into the hole;it should come out of the float bowl if the jet is not blocked.A 0.016" diameter wire should go at least 1-1/2" into that hole for the mixture screw.Put the screw back to its original setting,or set it 1-1/2 turns from bottomed;you can adjust it better when the engine is hot.
The compression will be down a little if the engine hasn't run for a long time.It will quickly improve when the engine starts.Check the valve clearances,and leave them slightly loose rather than too tight.That will change too when the engine starts,and need re-checking.It's more than likely the head bolts will need re-torquing,especialy those inside the rocker boxes.