Pretty sure that the OP isn't listening to the crowd

 

so if you are concerned about the flywheel marks - buy a TDC brass plug and find TDC and check the marks - one thing to check - make sure the little roll pin is in the base plate of the advance unit - sometimes these are removed and you can install the points cam 180 out - try and post some pics of what you are seeing - it would help - use https://vgy.me/

 

 

Thanks for all of the helpful comments, my friends--I appreciate the help very much.

The points plate--I don't know if the one that was in the bike was OEM or not. I bought a new points/plate/condensor set ( the plate is labelled Zel) and all of the groves and notches lined up with the plate that was on the the bike. I'll do a search for an OEM plate as the next step. Maybe it's that simple- -I hope! Btw ,when you say that you suspect that the points plate is the problem here , is it that the points mounting spots/grooves are at the wrong locations on the plate?
The timing is not 180 degrees out. As I mentioned, the bike now starts and revs real smoothly since I notched out the adjustment grooves but is still too retarded for it to idle for too long without stalling.

 

And I agreed... on the Advance units... I have also had my share

of problems with Chiwanese Points Plates!!

Note that a ZEL Plate was one that would Not function... Even if Notched!!!
If ya think yer close. Elongate the Holes some more!!!
Sure ain't gonna Hurt anything... Unless you can somehow get over-advanced... which is supposed to be Possible anyway!!!
Most of these problems occur from utilizing Chiwanese Crap replacement Parts..
BTW as Mentioned, Get an extra Advance Mechanism,, Now!!
Wish I could Recommend a Good unit... But I cannot ATT

 

Listen up many of us in been doing this for decades some professionally, you need a new high end advance unit with a stock cam lobe for it , don't use the ones in the kits 90% of them are way off time , you can set the gap on the skinny lobe and it'll be .080" or almost shut on the fat side kind of bad. Ditch anything ZEL for the same reasons.

You want an All ***** or a Riviera advance unit, pm johnjzjz for the correct cam lobe for it, points plate you can find in a kit but be sure it has Blue Streak points & condenser, you'll know you have quality stuff to work with then, it will also last much longer. You don't you'll just keep chasing your tail here, it really is that simple.

 

Hay ,why not pull the cam whiest there and see if it has an ID it ?

 

Follow-up: I believe that the issue is either a badly made points plate or a poorly fitted advance mechanism , as has been suggested. I would up grinding out the grooves on the plate some more and eventually was able to line things up properly. I did check the timing mark on the flywheel and it seems to be in the right place in reference to the piston location. Anyway, the bike starts great, idles beautifully and revs crisply.

I'll be looking for an OEM points plate in the meantime. The plate and advance unit I had bought was from Drag Specialties and the plate and unit matched the ones that were in the bike identically. Maybe both sets are wrong. Anyway, mt band aid fix works great and I am going to finally do some riding.

 

Had to elongate the slots in breaker plates many times years ago.
That 74" engine does not make a ton of power to begin with,
and if a cam(ie wrong cam) was introduced at the time of rebuild, that could be the smoking gun creating the power loss.
What cam is in it?
What is the tooth count on the sprockets?
Scott