Firstly you will need a timing light and then provided the points are properly gapped then just loosen the dizzy base bolt and rotate dizzy around till the crank shaft marks line between the 10 and 5 degree marks.
My scanners not working other wise would have emailed you the steps
SOURCE: Toyota 4Y carburater problem float chamber drains over night
ive had the same problem, i just took off the carb and rebuilt it and never had a problem again
SOURCE: Toyota 4Y engine Makes a Taping noise and and
Time for a good check up, the black smoke is a good indication of a faulty fuel pump or fuel calibration/setting.
I would advice that it needs a good tuning up of the fuel and timing , or even decarbonising of the head/ exhaust.
the tapping noise can be the tappets. the clearance being high, which will be adjusted in the tuning.
So check this out
SOURCE: head torque settings for toyota 4y
SEQUENCE IS START IN THE MIDDLE WORK IN CIRCLE TORQUE IS 53TO63 FT LBS IN THREE STEPS I START AT 30 FT LBS
SOURCE: i need the wiring diagram for a 4y toyota engine
if you log onto the national library in canberra they have a copy of the Gregorys manual 506 which will cover your model oyher than that go to your local library and see if they can get you a copy to look at. I have a copy and maybe i can scan and upload for you
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