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That small pin appears to still be in there. I took a video showing what it does.
Bummer.
On the other hand your Duraspark box looks loose...
Have you checked for slop in the cam? I know it is gear driven but they do have nylon involved. I would also check compression too.
You say you have fire, the vapor mist coming out of the carb says you have fuel, and it sounds like you have some compression. One or more of those two isn't happening at the right time. There is a bunch of duraspark diag on that link I posted you can try to rule out that.
How would i test for slop in the camshaft, i didn't know the timing gears were made of nylon, i thought they were made of metal.