I forget whether the coil is below the flywheel or outside the flywheel on yours. Likely the wisest thing to do would be do remove the kill wire from whatever switch it is attached to. Still no spark- isolate the coil from the breakers, then hook an ohmmeter to the point stud and a ground. (Re-tighten the stud nut.) While slowly turning the engine, it should ground when the points close and open when the points open.

Thanks for the response. I removed the kill wire. Still no spark. The coil is located behind the flywheel, which makes this a nuisance to work on. I'll break out the ohm meter and see what I get. I wonder if it would be possible to replace this setup with a solid state ignition.