Re: tools
That ring setting tool is a bit pricey and the point setting tool is a feeler gauge. The feeler gauge can be had a auto parts store for a few dollars.
Align the coils so that the coil base aligns flush with the coil mounting bases on the armature plate. Make surface A flush with surface B.
To set the points:
(Point Setting Of Magneto Models)
(J. Reeves)
Set the points as follows. Have the flywheel key aligned with the fiber rubber portion of the ignition points. Adjust the gap so that a .020 gauge will pass thru but a .022 will not. Should there be any question of the points being dirty (touching the contact with your finger would cause them to be dirty), clean them with a small brush and acetone or lacquer thinner.
NOTE: Should the operating cam have a small portion on it with the word "SET" imprinted, align this portion with the fiber rubbing portion instead of the flywheel key.