No matter what I did with the timing, points, or CDI, it performed the same. I have a timing light.
The gearing was 11 front 33 rear! I think the previous owner had tried to jam what looks like a Tomos rear sprocket on there. I'm going back to the stock rear sprocket, a 46, and I will re-tune/check timing from there.
Seriously, the stock sprocket is like twice the size.