A compression test will confirm the valves shutting as they should. Magneto problems can occur on one cylinder only, mine did earlier this year. Same thing as you.
When you time the ignition it is done for the right hand pot, the left hand, in theory will be timed correctly IF the mag is set up right. Check the points gap to make sure they open the same both sides (12 thou) if they are the same put a new slip ring in as the chances are it is contaminated with carbon. Also change the brushes as they are probably too soft.