I splashed out on a new multimeter that can measure rpm, dwell angle etc as my old one packed in, but it only goes as low as 3 cylinders. Can i use the four cylinder setting and then double/half the results or something like that?

yes thats what i do, dwell should be 53* on the meter set for a 4 cyl.

Thanks, Sean.

Dwell angle reads 50, so the points gap is too wide?

Also, the rpm reading was over 2000 at a fairly fast idle. Would I be right in thinking I halve the results because this is a wasted spark system?

half the rpm, 2000 is pretty racey when your standing looking at it. 1000rpm would be a fast idle

when i set dwell its when the engine is running the engine will idle happily for 10 mins with the fan off - plenty time to set the dwell and the timing . just loosen the points screw and move it gradually with a flat screwdriver on the adjusting tang.

remember its dwell then timing