"the timing light hits the same spot"
The ignition sparks is ALWAYS in the same location because you are NOT moving the stator plate. You are moving where the piston is when it sparks.
you have to think backwards,
Use a timing light and make a mark on the case and flywheel where it sparks.
Now rotate the crank so the piston is exactly where you want it (a little retarded) and then put your flywheel back on where that mark is.
HPI is the same say. Timing without a key.
Also I LOVE the stock hobbit CDI. You can put a cheap Yamaha JOG CDI Box on it for a great curve.