Hello Dave,
Before you get involved in timing make sure of these things first,
The machine is threaded correctly and the top tension set between 4 and 6, very important that you put a new needle in and make sure it is in the correct way round, a blunt or bent needle is the most common cause for a machine to miss stitches, make sure you have the bobbin in the correct way round, the timing is set by the gears on the raceway, there is no timing belt, there is a drive belt and should be a toothed belt from bottom shaft to top shaft, by the model number it sounds like a US 347, UK models were blue which one is yours ? try these things first and if you are still missing stitches I will explain exactly how to do it but you will need patience, e-mail me below.
Ken
drivewithken@blueyonder.co.uk, September 2007