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Erratic charging 129

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Well it turns out Mike Frade was correct. One of my brothers brought his analog battery load/charging system tester over to my place during a Christmas gathering yesterday and turns out the needle kept very steady and showed a pretty consistent charging voltage of between 13 and 14 volts at the battery. Looks like I need to pick up an analog multimeter sometime to keep in the toolbox for a more accurate reading on these old machines than what my cheap digital multimeter is capable of. Thank you to everyone for all the suggestions. Turns out getting the battery charging again really was as simple as just changing out the voltage regulator but the digital multimeter readings had me second guessing the whole time. Now time to get the timing set perfectly and hopefully correct the occasional back firing out the carb while cranking the engine trying to start when cold.
Follow Matt G.'s instructions (I think in the FAQ) for static timing the engine. You WON'T be sorry.

That was the method I tried and used his instructions! Very smart way of doing it and seems much simpler than using a timing light to do it. I think I'm much closer but might still be just a hair off. The points gap definitely needed to be opened up a little and while I was at it pulled the valve cover and checked the valve clearances also.
An analog meter will work better for static timing too...the sample rate of most of the digital ones, is too slow to catch the exact instant when the points break.