joel,
1. There is a hole in the cam for the locating pin.
2. You cannot just improvise something because the location of the advance plate is precise and it cannot be allowed to move.
3. There is a list of parts that you need posted on the home page of the web sit
www.yamahaxs650.com that includes the part number for the pin.
4. There are complete installation instructions on the web site
www.yamahaxs650.com including specific instructions for the advance mechanism and the advance rod and how to install it.
5. The instructions are complete with pictures.
6. You should have received a notice of shipment for the PAMCO with referrence to the web site.
Here is a picture from the instructions showing the pin in question and the advance plate.
If you canot see the hole for the pin, it is possible that the cam shaft seal has been replaced at some point and was not installed correctly and is covering the hole. Here is a picture of a correctly installed cam shaft seal;
Notice the recess for the seal.