First thing you need to do is determine TDC. Set the wheel accordingly. A postive stop method works the best. Make sure it IS positive. Something like a plastic straw stuck down the spark plug hole taped to the cylinder head won't work too well.
Then use a timing light to determine ingnition timing.
This will get to be a hassle, cuz each time you want to make a change, you'll likely have to take the wheel off to change the stator ring position.
I come from the 2 stroke side of the earth..so TDC means TDC and that's it. If you are talking about a 4 stroke..make sure you set the degree wheel to TDC COMPRESSION!...not exhaust. That will be the next time in the direction of engine rotation the piston hits TDC after the intake valve closes.