Setting timing ? First time doing it.

To MAKO

Your idle timing is relatively meaningless after all these years. The important thing is to get your powertiming right, and let the idle timing be what it will be.
But before you get into it;
pop the cap and make sure the rotor actually moves back and forth, so you know the flyweights are able to move.
For a standard timing light, you will need to index your balancer to true TDC, and calibrate the timing ring out to 40 degrees. This is a two-part deal
1) you verify that the index mark on your balancer is truly at TDC, and if not;then you have to make a new mark, and
2) after that, the best idea is to install a timing tape and carry on like roccodart says in post #5

Edit, I guess, in your case, see post #11,