9.5hp Evinrude timing

on a 9.5hp Evinrude, the timing mark on the armature doesnt line up with the mark on the cam marked TOP. With the lining up points off the "O" in TOP on cam, the timing tool says it is advanced on the timing mark on armature, When you line up the points with the timing tool and the armature plate the cylinder is not at top dead center it is early.

Any suggestions on what to do? I have great spark at 1/4", it is getting fuel as plugs are wet. Good compression on both cylinders

The points cam "marked TOP" is a points opener. The lobe is pretty wide and the word "TOP" is not an exact timing alignment point.
Set your points at a loose .020 while the cam is pushing the points arm open. Note that I said loose. Watch the movable side of the points while setting the clearance and if you see ANY movement of the arm at .020 you are not setting the clearance correctly. You should get your .020 with zero movement.
Now.........
The timing marks on the mag plate are points opening marks. If you really want to get close then you can take an ohmeter with the coil and condenser disconnected from the points and use the ohmeter to set your points opening between those two marks. To do it right it requires a timing fixture that is set onto the crankshaft to establish a pointer for you that will fall between the marks.

https://richardsoutboardtools.com/product/timing-tool/