5 degrees before TDC
That year engine does not have POINTS.
points gap on a 76 volkswagen beetle
the plug gap is .028 to .033 the point gap is.020
30 degrees dwell
The points gap on a Merc 40 4hp is .020
the point setting is 17 thousands (.017)
Plugs should be .035 Points should be .017
On most lawn mowers there is no timing - they have the flywheel set, as long as the shear pin is in place, it will put the magnet by the coil at the proper time to fire. The points are run by the gap (you set the gap on the points) and the pin pushes the points open at the proper to fire. The only setting you have to do is the gap on the flywheel to the coil and the gap on the points.
The older model mercury outboards, with maker points, should have a 0.020" gap setting.
Point gap---.017 Plug gap----.034 Dwell Angle-26-31 Timing------10-12 BTDC
30 degrees dwell