Update: OK, well after getting sidelined with the flu for a couple weeks and sidelined by Ford starting issues (bad starter) and sidelined by other life stuff for a couple weeks I finally got back to the '55 today.
A note: I didn't accidentally leave to key on, I had key on for a minute to diagnose the no spark issue; that's when coil started to smoke.
Thanks to all who chimed in; ordered Steiner points, rotor, and new coil, along with a condenser from Jon G (nice little unit by the way!). The only thing I definitively found was the outer contact on the rotor was badly pitted, contacts of the cap looked very good. The coil that was in the truck from the previous owner was a 3.0 OHM resistance, coupled with a ballast resistor, would that combination have burned the rotor to it's death? Could that combo fry the coil? Anyway today I replaced the coil with a new 1.5 OHM, a new 1.5 OHM ballast resistor, and new rotor - fired right up. Back in business!
I have to admit when it first wouldn't start I had to really think about the points ignition system, haven't worked on one in forty plus years. What is this, where does that go? I was a mechanic back in the '70's and worked on these things daily, amazing how you forget; but all came back to me in a few minutes.
Thanks,
Geoff
