First off, you have done well to buy one of these motors as your education into motorsports!
Cheaper and easier to work on than a scooter or motorbike. Go slow and we will keep you advised true.
Do any mods ONE AT A TIME so if it doesn't work, you know what is wrong.
Also, don't go crazy with your mods, go easy and gradually increase whatever you do. More is not always bettter.
Your ignition is fine as it comes, experiment as you like but too much timing advance can burn up a piston.
Here is a stock Woodruff key:
Here is how they cut its slot and how it fits:
Here is an offset key, they can have different amounts of offset:
Moderately hard to make unless you have great handskills with hacksaw, vise and file.
On tapered shafts they are generally for location only but their strength is more important on these straight shaft motors.
I generally find with work on combustion chamber work I can raise compression a bit and actually retard the timing because of the faster burn speed and yet still gain great gobs of low end torque. My advice is to forget the ignition timing, leave it stock and work on your head first, ports next, and always one step at a time.
Buy spare gaskets and maybe a spare piston/cyl/head to experiment on so you can always go back to stock if your mod (only ONE MOD, right?) doesn't work out. Learn about measuring your squish with lead solder. Buy a small torque wrench so you can tighten the bolts right. Find a hill and measure your power progress after each mod with how fast or how far you can go up it. These motors are capable of double the hp without buying a single "performance" part. Read some of my old posts.
Steve Best