Aside from a hot exhaust, the symptoms you relate do not indicate incorrect ignition timing.
That said, the easiest way to set ignition timing is with the use of a timing light IF AND ONLY IF you your engine will idle at 450 RPM or below. Most vintage Ford tractor engines will not idle at such low RPM due to wear in the throttle shaft bore.
If your engine will idle at 450 RPM or below, beg, borrow or steal a timing light and set the ignition timing to 4 degrees BTDC.
You may need to clean the flywheel to see the timing marks. I use gasoline on a bristle brush with the endine running. Once I can see the timing marks, I index the engine such that I can mark the 4 degree BTDC mark with white paint and a model brush.
If this is not possible, post back for proper static ignition timing procedures, which, if properly performed, are as precise as are timing light procedures.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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