Check it with a micrometer don’t eyeball it . Do points open at one location as you rotate the shaft ? that is when it fires . the matching piston should be tdc or darn close to it
To me, it looks like the brown piece that should rub on the cam is not touching the cam. Is part of the assembly seized? Also, don’t forgot to lubricate the felt piece – it looks dry.
If you have a piston positioned at TDC, the magneto is positioned for slow or ATC. Move the magneto counterclockwise to where the points just open and the plugs will be firing at TDC. Keeping moving the magneto and the plugs will be firing at BTC.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.