Aside from a hot exhaust, the symptoms you relate do not indicate incorrect ignition timing.
That said, the easiest way to set ignition timing is with the use of a timing light IF AND ONLY IF you your engine will idle at 450 RPM or below. Most vintage Ford tractor engines will not idle at such low RPM due to wear in the throttle shaft bore.
If your engine will idle at 450 RPM or below, beg, borrow or steal a timing light and set the ignition timing to 4 degrees BTDC.
You may need to clean the flywheel to see the timing marks. I use gasoline on a bristle brush with the endine running. Once I can see the timing marks, I index the engine such that I can mark the 4 degree BTDC mark with white paint and a model brush.
If this is not possible, post back for proper static ignition timing procedures, which, if properly performed, are as precise as are timing light procedures.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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