No points, right? Capacitor discharge?
Let me try paraphrasing from a manual on chainsaw repairs. You'll need some way to the set piston to the correct firing postion, i.e. .100 inch BTDC. I would think that the depth gauge of a good pair of calipers would work. You should see a mark on the edge of the flywheel lining up with an adjacent mark on the crankcase. If you find your marks and they don't line up, make new mark on crankcase matching flywheel mark. If they line up, you're off to a good start. Either way, remove flywheel and find the timing mark on the stator plate (what all the ignition components are mounted to). If you didn't have to make a new crankcase mark previously and this mark lines up with crankcase mark your timing is good. If it doesn't line up and your previous mark was good, loosen the stator plate and line it up to the crankcase mark. If you had to make a new mark on the crankcase, line the stator plate up with that new mark.
If you have no timing marks then you might be able to adjust timing by loosening the flywheel nut and rotating the flywheel slightly on the crankshaft. (Yes I'm serious, this is straight out of the manual.)
Hope you can make some sense out of this. I'm not sure I can. Just kidding. Really, I hope somebody smarter than me chimes with a response.
Good luck, Chris B.
P.S. I just love pulling flywheels. Now I've been inspired to check the timing on my 045.