The flywheel on the right side is attached with a single bolt in the middle. This bolt has a left hand thread. Use an impact wrench to take it off as it is difficult to hold the engine from turning. The flywheel then comes right off. Check the ignition capacitor with an ohm meter while you are in there. It is mounted on the magneto back plate, follow the wire from the points.
Ignition timing is 2 mm before tdc. You will have trouble seeing the points open with a vom unless you disconnect the wires from the ignition and magneto coils.