Update time......
First, I want to make sure I give a HUGE THANK YOU to all that have helped me out so far. Once I got the right spark testing tools I had a MUCH better idea what I was doing and trying to test and I'd have never gotten that far with the initial spark tester I bought.
Second, I changed the gap on the tester to 1/4" and it was revealing. On one electrical lead, the spark was able to jump the gap significantly but there was not a REALLY loud snap to it. I'm not sure if the spark was "just enough" to bridge that gap or if it would be considered "strong" simply because it was able to jump the gap.
However, on the other lead I was not able to get a consistent spark with the 1/4" gap. I probably pulled the starter cord 10-15 times and I got a very weak spark to jump it maybe once or twice and that was only after some fiddling with the connection to make sure it was tight after a couple of pulls. Initially, I got NO spark, fiddled with it a bit and got 1 spark out of 5 pulls, and then after I got that 1 spark on the next pull and then never again.
So, I got a flywheel puller and took a look at the points set. I believe them to be the originals. If they are not, I know for sure that they are the set that was in it when I bought the motor in 1994. Here are the pics:
One set of points (is that the right terminology?). Doesn't look terrible but looks like it has a little sooty buildup (or corrosion?) on it.
Other set of points. Looks worse than the other set.
I was not courageous enough to attempt to take the entire assembly apart and try to trace which non-sparking plug wire was connected to which point set. So, with this information, my plan of attack was to replace both sets of points and gap them at 0.020 (per the stamp on the flywheel) and replace the condensers as well. I figure that with their age they are due for replacement regardless of which one is the "good" and which one is the "bad" one.
Anyone have thoughts on what they see in these pictures? Should I adjust my plan?