CJ750 toolbox
Points & timing on an M1M by Ross Kowalski

First off, I should come clean that I use a dwell tach meter and timing light on my bikes with some timing marks of my own on the flywheel. I do this because I have the the tools just sitting on the bench. For a beginner, I would just time it with the marks and call it a day.

Pull the spark plugs to make the engine turn over easier. Use this as an excuse to check the plugs which should have a light brown center electrode and insulator and darker outside, but that's another story.
Rotate the engine with the kick start lever so the point arm touches the timing cam at the very top of a lobe. (There are two lobes and it doesn't matter which one)
Remove the lead to the coil.
Just for fun, check the point gap. It should be around 15 thousandths of an inch.
Loosen the screw that anchors the point arm spring.
Remove the clip holding the point arm to the pivot shaft.
Remove the point arm.
Remove the hold-down screw on the point plate (top one).
Remove the point plate.
Presto! The old points have vanished!
Carefully tighten the point plate pivot hole if neccessary.
The point plate pivot hole on mine was VERY loose.
Lightly tighten the hold-down screw on the point plate.
Put the point arm on the pivot shaft.
Carefully move the point arm spring under the screw that anchors it.
Tighten the screw.
Put the clip back on the pivot shaft.
Turn the engine so the points close or come close to closing and inspect the point contacts. Ensure that they are aligned. It might be neccessary to gently bend the point plate contact or the point arm to make that happen.
Rotate the engine with the kick start lever so the point arm touches the timing cam at the vey top of a lobe. Adjust the bottom screw until the gap between the contacts is .015 (15 thousandths).
Reinstall and tighten the hold-down screw on the point plate.
I used a multimeter to check for point opening. There are a bunch of ways of doing this, test light, cigerette paper for those who roll their own, etc. If you use a multimeter, set it for continuity.
Put one lead on the body of the point housing, and one on the contact to the coil. (Notice that the coil has not been reattached yet.)
Pull the plug for the flywheel timing marks on the engine.
Turn the engine over until the 6 degree mark lines up with the mark on side of the opening.
Loosen the nut at the base of the point housing.
Rotate the point housing by hand until the contacts just open. In the case of my multimeter, it stops beeping indicating that the points have just opened.
Retighten the nut at the base of the point housing.
Reattach the lead to the coil.
This should put the engine in the ballpark, but you should always take it for a spin and make sure everything is OK. If you mark the angle of the point housing with a marker, you can try a little in each direction and see how it goes.