Teddy may be onto something with the drive lug being at enough of a different angle that it might be physically impossible to turn the mag to where it is timed right. YOur guy mentioned 9 and 3. I can never remember which it is but Farmalls are at either 10 and 4 or 8 and 2 at TDC.
Something else I haven't seen mentioned, though somebody touched on it down below is that once you have the motor set up to #1 TDC on compression, that is just to mount the mag with the rotor cocked to fire on #1. (As a side note, if you can mount it that way, you ought to be able to time it -- i.e. 9 and 3 or 10 and for or whatever shouldn't be a problem) To actually time it once it is mounted, you need to turn your motor just exactly 180* so that it is at TDC on #2, in your case, then roll the mag body away from the motor until it clicks and lock it down at that point. There's some slack in the fit between the drive lug on the motor and the driven lug on the mag, and doing it that way takes up the slack to get a good adjustment.
And I know you say your plugs are dry, but it still sounds to me like pulling 1/3 of the way around the house at full choke will flood it. Those motors don't usually take but about two or three full turns of the crank at full choke before they'll start to flood.
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