Tom, the timing is adjusted on the inside of the flywheel opposite the one with the governor, where you will find a disc that is attached to the crank with a set screw. There is a small round magnet mounted in the flywheel side of that disc that activates a Hall Effect sensor (black plastic rectangle) that is mounted on the outside of the engine frame in that location. On the opposite side (180 degrees) of the disc from the magnet, there is a hole through the disc, which makes a good indexing mark to judge timing by. I would mark the factory setting before loosening the set screw so you can always get back to that original factory setting if all else fails. A few degrees before TDC seems to work pretty well.
One other aspect to note is that the needle valve fuel control is extremely sensitive, and only wants about 1/4 turn from the bottom stop on mine.
As for run times, I've run mine in excess of three hours continuous four times now, and one of those long runs actually reach the four hour mark. Gil has gotten just about five hours on a single run. The O-rings are cheap and available and easily replaced, so that shouldn't be too much of a concern, but after about 18-20 hours of run time, mine doesn't seem to need new rings yet.
Your fuel/oil mix might be a little too oil rich at 20%, but if you are happy with it, then great. I run mine closer to 5% and it seem okay, but YMMV.
Yep, these are most certainly fun little spuds, and seem to be incredible quality for the price.
Hope any of this helps!?!?
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