I converted to a key type start when I switched to the later engine.

It still made the "snapping" sound even with the coil disconnected. I'm pretty sure that part of the problem is the starter. But that shouldn't affect anything once it's running.

I'll take a look at the points. They looked pretty good when I put the new cap, wires and plugs on. Is there any way it could be the coil?

I've got the coil wired to recieve a full 12 volts at start and run through the balast resistor otherwise. I hear this won't wear the points out as quick.