Thanks for the comments. I agree with you about covering the engine and damp and so forth, but it is not practical for me at the moment to shelter the car much as I already have a full garage, a blanket is something I could try though..
I use the bulb technique when starting the timing process, but find a timing gun is better once the engine is going of course. At the moment I find keeping the engine at good operating temperature is difficult. I have had a modified thermostat from purchase that I assume must open very early as a precaution against the dreaded overheating/ gasket probelms the car has. This means unless I am at full throttle for many minutes, the temp gauge never goes near mid point. When I get back to my garage, I have to be quick to tune her before she requires encouragment to idle smoothly again. Talk about overcooling!
I will wait to see what others suggest, but I think I will throw the book out the window and do it the old fashion way as you suggest- by ear. Which should I adjust first: the igntion or the idle mixture. I appreciate one will affect the other, but I never know with the 126- get the idle mixture spot on, then fine tune the timing or vice versa?
My cold starting symptom is that the engine fires immediately, but fails to revolve fast enough to idle. This means keeping it on the starter motor for up to 20 seconds, even on full choke and normally a little gas to boot. Imagine "Bang, Bang, Bang, Bang, Bang, Bang" getting faster and faster until it surpases the starter motors capabilities in revolving the engine. When it finally goes, the idle will be very high and I immediately have to lower the choke to half way, where it will stay for most of my short journeys because of the overcooling problem.