I wanted to give an update;
The old girl actually does not have a condenser at all. Should it?
Yes it should definitely be there. Without a condenser your engine can run for a while, but your points are going to arc so badly they're going to pit and fail quickly. The condenser is usually under the distributor cap and is a small aluminum cylinder ... about 1.25 inches long and 5/8" in diameter attached to the breaker plate however some condensers are mounted on the outside of the distributor, usually on the side. See image attached.
In another post we've been talking about condensers, how they work, alternatives to the type of condenser used in cars and things like that. If the prior owner omitted the condenser, you ought to replace the points and condenser at the same time.
