I found the timing hole on the 1-70, I should have taken some pics but forgot.
The hole is under the saw and allows the timing pin (I cut off a 1/4" drill bit to make a pin) to slide through the case behind the flywheel into a hole in the back of the flywheel. This locks the engine at the proper position to set the points (just breaking) and in turn this sets the timing.
After I did this the saw started on the second pull and never died. It was less than 60° in the shop at the time. It revs nicely and started again on the first pull a few minutes later. Now to get it in some wood!
Thanks Brian13 for posting the info to get me looking in the right direction.