The nut is a ground. There kind of rare, the internals I think are almost exact as Joe Hunt Mags so replacements shouldn't be too bad. Most likely the timing is correct if it was ever setup right. Do you have a 67 or later? Or a 67 or later primary cover? It will be easier to explain the timing over the internet if this is the case. If its a stock 650 the valves should be .002 and .004. By the looks of the pipes I gonna say its a chopper.
Fairbanks-Morse was the name I couldn't remember, thanks Bret. I have a small box of new Fairbanks-Morse parts if you run in to a jam. Plus Hutchinson Cycle has got some spares for them and I know Hutch knows them pretty well.
Bret, do you have an XR750 seat in stock?
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