Why don't old motorcycles need a distributor?

[postoak_imp]

So, just to keep it simple, lets talk about the CB750 SOHC and the 1&4 cylinders and static timing. First you set the gap by lining up a particular mark on the points plate with another point on the crankcase. Next you set up a test light or continuity meter so you can tell when the points are open or closed. Finally you adjust the plate so that the points open (light goes out) when a different mark on the plate lines up with the F (for 1&4) on the crankcase. Is that right?

Somebody mentioned marks on the stator and that *really* confused me but apparently on some bikes you remove the stator cover to find your alignment marks in the second step.

Also, I don't understand "dwell". One video seemed to suggest that you set dwell when you adjusted the gap properly.

This is all academic, just trying to understand how these old bikes work.