I once made an el-cheapo permanent mount timing light for a small-block chevy. Used a hi-brightness LED, a 4.7k ohm current-limiting resistor, a length of small-diameter coated solid-core wire, and a bracket that held the LED pointed at and near the timing plate of the harmonic balancer. Can't do pictures, but here's a TTY attempt:
LED --- resistor ----- (6 turns around the #1 plug wire)
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Ground
Wrapping a small solid-core wire about 6 times around a plug wire gave enough induction-induced voltage to fire mini neon panel lamps back then, an old hotrodder's gee-whiz trick to impress your friends.
You can play around with the LED's polarity, I recall it worked either way...