Set your idle first, then adjust the timing screw. I find that the screw should be adjusted so there is a very tiny amount of travel in the black piece before it touches against the pump rod. Shine a flashlight at the top of the rod to see this tiny gap. If there is a large gap you can gently push the black piece down and actually feel when it touches against the pump rod.
Note that any change to the idle stop srew will reposition the mechanism and change when the pump rod moves. For the throttle slide height I remember having mine at about 3.5mm (bottom of carb bore to bottom of slide, use a drill bit as a gauge). That is just where I set it after installing the jet kit; I've barely changed it since. I do need to reduce my pilot jet so this distance will likely change.