Bill Hudson wrote: The Cub starts fine but has a high idle miss.
If I interpret the problem correctly, I think you are timed correctly or pretty darn close.
You indicated the timing light illuminates the timing mark on the pulley at the top or 12 o'clock position at high idle, having moved from about 32 degrees BTDC as engine speed increases.
If the timing light was connected to spark plug wires one or four, with the engine running, the mark should be sighted somewhere in the neighborhood of the timing pointer.
If the timing light was connected to wires two or three, with the engine running, the pulley mark should show up somewhere around 180 degrees opposite the pointer, or about the 8 o'clock position looking from the front.
Since you indicated the tractor starts fine, even though the visible timing mark is way off, the ignition timing has to be in the ballpark or it would never start, idle, and run well enough to hold a strobe on the pulley.
Hooking the timing light to any plug wire will only light up the mark in 2 spots, 180 degrees apart from each other so we know timing light connection wasn't an issue.
By indication of the moving timing mark between low and high idle, the mechanical advance mechanism seems to be functional.
I diagnose the pully as having an additional mark, gouge or nick simulating a mark, or was just completely mis-marked to begin with.
Don't adjust anything just yet and try this.
To be certain you have a pulley mark at TDC, bring the number one cylinder up to exactly TDC. Carefully examine the pulley for a mark at the pointer. If no mark is evident, place a mark on the pulley exactly at the pointer with white chalk, nail polish, or paint.
Rerun your mark inspection with the timing light and I'm sure you'll find your new mark closer to specifications. If you are satisfied with the new mark, you may want to make it permanent.
I don't think your high idle miss is a timing issue, but perhaps something as simple as a defective high tension wire, high tension wire connection, or defective spark plug or faulty gap. Go back and check all high tension connections at both the cap and the plugs.
If this doesn't eliminate the miss, isolate each cylinder by removing one plug wire at a time to determine if just one cylinder is causing your high idle miss.
If the cause of the miss can be traced to a single cylinder, the cause can only be between the distributor cap and the spark plug electrically, or mechanically due to a compression issue.
Best of luck finding that miss.
Lazyuniondriver - Here by the Plow