Gap effects timing. It's intended to adjust dwell, but it also adjusts timing.
If one cylinder is correct, don't mess with rotating the plate. Just adjust the set of points to the maladjusted side.
Turn the bike off.
Set it onto the CENTER STAND.
Set a drip pan and some newspaper below the stator cover.
Remove the cover.
Any oil that drips out while it's LEVEL is excess anyway ;D
Use carb cleaner to clean the alternator rotor (where the timing marks are) so there is no oil residue
Take a Sharpie and fill in the timing marks. Only fill in the F's and the two unmarked lines on each side. Don't bother marking the T and LT marks, as that will tend to make things harder to read at a glance.
Connect your timing light to the spark plug wire of the cylinder you're testing.
Start the bike. Some oil might spray (a very fine mist) from the rotor
Observe the timing marks at idle.
If off, shut off the bike and adjust while off using a light or continuity checker.
You do this by rotating manually and seeing where the light indicates open points, and use that as a reference of how far to go advance or retard.
Tighten everything and check static once more.
Start the bike and repeat.
Once idle is set well, rev to about 5,000rpm and the indicator should be between the two unmarked dashes on the rotor for its respective cylinder.
Don't touch anything while it's running.