The "real old" spark ignition engines had a different metallurgy than todays modern ABC/ABN screamers. Typically the cylinders were steel and the pistons were cast iron but fear not the little .21 will run for a while. Eventually the piston to cylinder seal will deteriorate enough that it will become hard to start but that will take a while especially if you keep the fuel/oil ratio rich. I'm running my ringed SuperTigre's at 16:1 but I'd go for something more in the 10 to 12:1 range on the ABC stuff. Set the timing up around 28 degs BTDC, + or - a deg or two and she'll run good. Also, remember the carb is going to need to be significantly leaner than with glow fuel. (it takes 2.3 times more methanol than gasoline to have a stoichiometric mixture) The needles will be quite sensitive with only a click or two being the difference between very rich and very lean on the high needle, the low needle being equally sensitive. Good luck and remember to have fun, after all, that's what it's all about.

P.S. Be safe and remember the voltage discharge from the CDI is quite high and can hurt you.