The screw that compresses the collar around the crankshaft case is a friction adjustment. You only want it tight enough that the magneto plate wont be moving when the motor is running. The notch in the gear drive shaft is for the set screw of the timing lever. You should position the gear on the magneto plate so its in the center of its movement with the timing lever pointing to 12 O’clock. You can decide if there needs to be a correction after you have the motor running.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.
