There is quite a bit of difference as to where the magnets pass over the coils. I positioned the pistons at TDC, just so I know where they are at, and moved the magneto plate to where the points are just opening, when the spark will be produced. Using keyway position 2, the leading edge of the magnet is just a few degrees before the center of the coil. Using keyway position 1, the leading edge of the magnet is about 25 degrees before the center of the coil. There is only one key in the crankshaft. There is nothing in the manual about this.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.