OK, guys, here's the latest on the FS 46. I decided to remove the carb while working. I pulled the engine and removed the flywheel. Yes, the index timing key was sheared off. I used what was left on the flywheel keyway to align the flywheel. I was careful not to let the engine move while I tightened it back up.
I tightened the clutch a bundle, making sure that the engine, flywheel, and drive shaft did not shift. Note that with the ignition module mounted to the engine, this is a must. On chain saws, the IM is secure to the case along with the engine and a flywheel nut moves to tighten it. That luxury is not available here.
Engine started and ran, a little shaky at first, but then it smoothed out. It still has some shaking at low speed, so I may be off the ideal timing angle a few degrees. Top end power and speed is excellent, and it accelerates up rather nicely. This line trimmer has now been saved from the landfill. The owner will probably be in shock that the engine runs again.
Oh, and BTW, the hardest part of the job was reassembling the plastic top with all the controls (wires, throttle, trigger, springs, etc.). Awkward as all get out, I figure that doubled my work time.