Good infomation on operating with points. I did not state my question clearly. The points are gone and not an option due to damaged coil, twisted off plug wire inside. Concern was magnet placement in the flywheel. Following is my plan, subject to change based on experience comments.

I have done some more measuring and calculating and think I have it solved. The 'M' reference mark had me concerned. I was not sure just where to drill the cut-down rotor/flywheel for installing the magnet for sensing.
The sensor has a effective linear movement range of about .5" along the rotational arc (.8" radius) of the magnet. It will be fixed at best location based on running. This is gives me an adjustment range of 0 to 32 BTDC. Q&D : {Circumference=(diameter x pi)} * {degrees of arc = timing degrees} / 360} .8"*2*3.1416*32= .5"

With the sensor at maximum CCW position, and the flywheel at 32 BTDC; I plan to mount magnet at the point on flywheel where it excites ign. This will give full range of adjustment Clockwise (.5) for adjustment.