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Lever full UP to start the engine.
As soon as it starts pull the lever down to the smoothest idle.
When driving, pull it down until you no longer feel an increase in power or smoothness. If it pings, then retard it some.
With my stock engine I pull the spark down about half way for idle, then while driving it's about 2/3 or 3/4 of the way down, and never all the way down, as that would be 40*, which is too much advance.