Thanks Red,
On Red's directions, I have used the light blue (kill switch) wire and the provided bridge in the terminal block.
From there, I can connect the sensing wire on the reg/rectifier, the supply to the coils and the return to the ignition box.
The red/white wire from the reg/rectifier, which is the return to the battery, is connected at the fuse box.
Grounds from the ignition box and the reg/rectifier are to the frame ground on the back of the battery tray.
Multimeter shows good voltage on the battery, to the coils, and to the sensing wire terminal.
Sense checking all the coloured wires on the connections to/from the ignition box shows they are all correct.
Now all that said, I went to look at setting the timing - turned on the ignition and rotated the timing rotor on the crank.
No signs of life from the sensor PCB (the LED is supposed to light).
Any thoughts?