I had to do this for my 240 a while back. Take one of your old plug wires, and cut it in half. Make sure it's a plug wire that works. Use the end that goes on the plug, and put it on the plug. Stick the other end into your coil. It should still run fine, if it doesn't, then it isn't hooked up right. Then you just put the pickup around the plug wire, and check your timing.
I'm sure there's better, more sophisticated ways of doing it, but this one is free and it seems to work just fine.
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