Motor cowling makes it a 76 model I think.---Motor will run / idle all day with 40:1 mix and do no harm.----Just another example of how the concept of 2 strokes and oil in gasoline is mis-understood.
Timing can be set using a feeler gauge to set points to 0.020"-----Or using a meter / timing marks on the flywheel you can set the points " deadnuts " to get strongest spark.-----Lots of videos on u-tube to tutor you on these simple magnetos.