AFR 10:1 at idle. Exhaust temp through the roof. Timing or fuel? Options

[JMT]

Hello everyone. Quick rundown. This is a type IV in a 912...so a 913?

Here's the story. This engine was in a 914 and ran well with a no name dizzy and Weber 44's. Since I was putting it in a 912 I made a few changes. I got Tangerine's 4-2-1 exhaust and got rid of the no name distributor for a bluetooth 123Ignition. I also thought the 44's may be a little big so I used some 40's from the 912.

Engine 2056 with webcam 86.
Weber 40's
185 air.
F7 emulsion.
130 main.
52 idle.
32 venturi.

123 Ignition bluetooth.
0-1000 RPM 12*
1000-3500 RPM 28* to 6000

First time starting up it held an idle but the exhaust got so hot and popping out the exhaust that I couldn't even set the idle air or check the timing with a timing light. I literally got a blister from just grazing the header. The AFR was hovering at 10:1. The head temp was under 200 and oil temp never even moved the needle, but it was so hot it just wouldn't run. I ran a couple of house fans and tried again. I did get it to idle for a minute by adjusting the air idle screws but wouldn't rev high enough to check timing. This brings me to the 123 Ignition. Here is a picture of the rotor with green light just turning on and pointing a half an inch past #1 plug wire. Does that mean it's retarded too much? Prior to all this I confirmed TDC and checked the valves.
Any thoughts?