Is this an aftermarket or factory electronic ignition. If factory... I don't know if it can be static timed with a test lamp. However, I have not worked with factory electronic ignitions and will be very interested to hear if this works for you. If the test lamp does work, be sure to post your results.
Just to clarify things, if this were a car with points or an aftermarket (AccuSpark or Ignitor type) ignition, the test lamp goes between coil (-) and earth. With the engine manually turned to about 5 BTDC as described above, turn the key to the "run" position. Loosen the dizzy clamp and turn the dizzy body counterclockwise until the test lamp goes off... then turn a few degrees more. Stop and SLOWLY turn the dizzy body clockwise until the test lamp just turns on. When the test lamp turns on, that is the moment that a spark would be created by the coil so you lock the dizzy down in that location.
Again, I don't know if the factory ignition module can be static timed. For that to work the module has to be able to support zero-speed firing. Some ignitions are not designed to fire unless the distributor shaft is turning.
You can also read the PDF I have on static timing in general. Visit the link below and select the static timing PDF.
https://sites.google...wson/home/files