in the open position it should be 100% open or high rpm will run flat and in closed position the valve should be, more or less, 1.5mm away from the piston or the bike will not get low end power...
if not get full travel then it must have carbon or burrs from the use... open and check...
for the timing, eric gorr´s book "mx and off-road performance handbook" have a very good explained procedure- great general info and inexpensive... check his site...
for the gaskets, mainly because usualy i´m only able to find kit´s, i buy gasket paper and cut them... it´s cheap, you only have to care about thickness and have patience...