I would strongly suggest the purchase of the very useful wallchart from www.stationaryenginebooks.co.uk This covers all the major settings and how to set them.    

Plug gap: - 0.025" and Magneto points gap - (all makes and models) 0.012 - 0.015"

Reed valve stops - All models  1/8" but may be reduced to no less than 1/16" for light load-running. (except 4hp - 7/32")

Atomiser to piston clearance - All models 1/16"

Ignition advance - table shows advance before Top Dead Centre in inches of flywheel circumference. These also may be slightly retarded for light load-running.

Oiler drip rates - This table shows the oiler setting in drips per minute. It should be noted that these rates are for an engine working on 1930s oil. Many people find that with modern two-stroke oil and with light or no-load these rates can be reduced. However you must make your own decision about that.