If it's out one tooth advanced, it will start with a bang, rattle like mad, smoke black, and likely be running quite hot. If it is out by one tooth retarded, it will not smoke at all,or smoke grey/white, run very quietly, and likely really be lacking in the power departement and be very hard to start.
It will run though.
I had one that I put in 180deg out. Took a lot of work to start it, but it actually ran,and made enough white smoke to fill the whole neighbourhood.
Zigg