Let's start from the beginning
New Cam,timing gear,Lifters,new orings on valves,new gaskets all around.
Engine 292 with 12V Distributor
New points and condensor
The timing light does not light up when applyed.
I tried this test, ignition key on. dist cap off,coil wire off dist. and 1/4 off ground, used a screwdriver to open and close points. I get spark.
So. I would think it should be in the cap, points, condensor but all are new and adjusted correctly.