If you turn the engine over until the points are open (ign on) with a meter across the points .... is there 12v showing on the meter ?..... turning further, when the points close is there zero volts on the meter? (Plugs out the engine should turn with a spanner on the pulley nut) ..... if so pull the centre ht lead out of the cap and hold it close to the block and see if there's a spark when you crank the engine over.

K