That's a good idea about affixing a permanent indicator. First off, I really want to see where my timing was, when she ran last. Your so right about the importance of the readings.
For example, if the CR flywheel is 4" in diameter, that would translate to .035, for each degree. Not a lot to work with. I will have to make my index marks, much thinner. :pride:

yeah just use a flat piece of 1/8 alum wide enough to span the distance of the 2 old pickup coil threaded holes, drill the holes first and adjust the length so the plate is very close but not touching the flywheel.
Once mounted make a mark on your plate at the point where the flywheel is closest to the plate. Now make to angled cuts from that mark to create a pointer.
Once this is done take a dial indicator and put the piston at TDC, then without moving anything mark the flywheel inline with the pointer.
This now your new timing point that will indicate TDC or "0" , now with your new timing tape that you have made take some clear tape and apply it to the flywheel with the "0" on the tape inline with the "0" on the flywheel.
Now with a standard timing light you can check your timing, but now you should also have a tach of some sort so you can compare the timing/rpm relationship and plot it against my graph.
There may be issues with timing lights that have a advance feature, I am not sure it will be accurate or not, I think the simpler cheaper lights maybe the better choice on a 2 stroke motor