Hmmmm. I would have thought that if close is good, closer is better. BWTFDIK:msp_scared:
On electronic coils (no points) I always bias the coil against flywheel rotation for the most advance. Since there are no timing marks to go by, elongating mounting holes would be by guess and by gosh.
On saws with points, you can vary spark advance slightly with the dwell (points gap).
What one can do is to find T.D.C. and mark flywheel in relation to some datum feature on the housing for timing marks. Measure the flywheel diameter and calculate a circumferential distance that corresponds to the desired number of advance degrees.
B.T.D.T. on my 427 vet. I have 36 degrees BTDC marked on the damper and set my timing by that. Just open the throttle untill centrifugal advance is all-in/all-done. (vacume advance disconnected)