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I don't bother looking at the valve when setting the timing.First with the cylinder removed check the valve is moving to expose equal amounts of port top and bottom by holding teh cylinder port face at right angles to the valve chest. It may help to put a piece of masking tape down the cylinder and use a fine pencil to mark the port positions to you can better judge valve position.Then you can set the timing based on the high point of the eccentric. A good rule of thumb is to have the high point of the eccentric leading the crank pin by 90deg plus another 30 degrees. So while the crank is upper most at 12 o'clock you want the high point of the eccentric at either 4 or 8 o'clock depending on which direction you wnat the engine to run.I'd say is is a No248 which was also in my 1919 catalogue.
I love that engine!