First, find out if it WILL make spark and forget about timing, point gap, and everything else. Get the cap and rotor out of the way so you can use a screwdriver (plastic handle) to rattle the points open and closed with the ignition switch on and the coil wire in the coil and with the end that usually is in the cap about a quarter inch from a good ground. If it makes spark turn the switch off and set the points at .016-.017" with a feeler gauge. Now turn the switch on and spin with the starter---no spark, the points are bad. If it makes spark this means the rotor or cap are the problem. A bad coil or condensor are a possibility but nine out of ten times when one of these old engines has sat for a good while and has no spark the points are the culprit.
