3-1/2 HP New Way

I just recieved a 3-1/2 HP New Way air cooled vertical engine., I have it somewhat running via battery and coil, points are a contact strip on base, and bolt from exhuast valve. The engine seems to run with an erattic beat to it, with not much of a "miss " to it. I feel that the bearings aren't tight,but I do question lubrication, 'cause there are no provisions for oiling the caps. I did have to move the cam gear from its zero mark on the gears (to get the timing of events proper) this engine wouldn't run when these gears were set to zero. I would apreciate any ifo regarding this engine. It has exceptional compression, and I feel it should run smoother, please advise... Thank you Jeff Marx