Power jet-Is that the electric thing in the carb, and if so, what does it do?
The powerjet is controlled by the selenoid valve "electric thing". The selenoid valve is open and allows fuel into the carb directly from the bowl through it's own "jet" (really just a calibrated hole in brass) until a preset RPM is reached (maybe 8500 or so) then it closes and fuel is delivered only by the conventional jets, mostly the main. This is assuming that the powerjet is the same as on the Honda's and Yamaha's.
Timing-I advanced the timing a little so that the lighter ring/spot on the electrode is just a liiittle bit(.5mm) down from the tip of the electrode. When at stock there is not a lighter spot on the electrode. Is this ok?
Advancing the timing makes detonation more likely to occur but if you run sufficently rich or with high enough octane it may not be a problem. I would leave the timing alone and work on the jetting. Get it dialed in then worry about fiddiling with timing.
The only way to check the spark plug is to check way down at the base of the plug. Look for that ring to be about 1mm or so thick. If you check it after riding a while you are getting the average of all the circuits and not just a specific circuit.
Ping- considering that the ignition was perfect(no random spark) is it even possible for a bike to ping IF it was low on compression(130psi)? In other words can a bike with an INDICATED 130PSI suffer from pre-ignition...Considering that the timing is not too far advanced
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Ok the way I understand it is that "ping" is from detonation which is different than pre-ignition.
Pre-ignition is the fuel igniting before the spark from the spark plug. Some thing in the combustion chamber has reached sufficient temperature to ignite the fuel as a glow plug would. This is very detrimental to engine wear. As you can imagine the fuel is burning and expanding at the same time that the piston is still compressing the gasses creating extreme pressures in the combustion chamber.
Detonation is the uncontrolled burning of the fuel. Rather than burning evenly it has areas that explode creating local areas of very high pressures. This causes the pinging sound.
Detonation is from running too low of an octane fuel for the compression ratio of the engine. Or from getting too hot or lean when on the edge of detonation from sufficently low octane fuel. Or from the inefficency fo the squish band leaving unburnt fuel to be detonated. There is more to it than that but that kind of sums it up.
I would not think that and engine that tests out at 130 psi would be likely to detonate, but it could given the right provacation to do so. ie. advanced timing, lean and low octane fuel, running at high loads and rpm's.