When mounting and line up the magneto gear, be aware that the mag gear could have been replaced, or the DVAR magneto could have been replaced and it is not at all certain that the round key is drilled at the same place, it can differ one or several cogs! It looks like the key is drilled by hand from the factory!
So I show in the picture the position the breaker should be in when pinion, cam gears and idler gear markings is lined up correctly (don't rely on the magneto gear marking!)
Mag gear is mounted with the round key on the shaft because there is no use to reposition the gear differently on the shaft. Turn the magneto gear until the breaker is in the shown position and click in the last idler gear in position, then check if the mag marking is correct.
Mount and lock the breaker ring in max advance position and check the ignition timing preferably with a indicator clock, right on the piston top on both front and rear piston, a difference in timing indicate a worn timing ring on the DVAR. Replace the ring or divide the discrepancy between cylinders. If the mag gear marking does not line up, grind off the old and grind in a new marking for the future.
Breaker rings for the Indian is often marked with a stamped "I" under the outer band clamp, but unmarked or with other markings can have 45, 50, 90, 170, 180 degree division, or might be for a single cylinder bike.
Original grinding of the breaker lift ramp is elaborately done in 2 steps and can be reground but only by an expert with exactly the right size stone to get the right cam ramp for lift speed, I have seen repro rings that will destroy the breaker in short order.
Usually the adjusting range between min. and max. on the ring is too large, so when max advance timing is set at the stop, the max retard is way after top dead center, it should be at, or max a couple of degrees after tdc. This can be fixed in different ways, make a stop for, or lenghten the adjusting arm, or restrict the slot length on the backside of the breaker ring, or put a stop clamp on the free portion of the handlebar wire. Running the motor with ign. after tdc is not good.
Don't be tempted to run max advance timing without a stop, attemting to hear or feel enough advance timing, because it is not always felt or heard that the motor has a too advance ignition. I fried an engine like that with too advance timing.
If you want to experiment, adjust the max advance stop in small increments and check ignition plug colour (can be difficult to see colour differences with the new kind of fuel in the pumps), cylinder temp or other tests instead of only rely on butt feel or sound.