95 percent of the time on old engines, cleaning and setting the points (in your case to .020) will restore the spark. However, because the engine is so old, you need to carefully inspect wiring to be certain there are no shorts or open wires.
So your saying that my next step is carefully removing the fly wheel and cleaning/ resetting the points, im going to take the coils to an outboard shop so they can see if they are working properly aswell, change the spark plugs and check for loose or broken wires ( although it doesnt seem to be any) this oldy has been well taken care of it seems.
Hey its been a while the weather here was ****ty.so i took the flywheel off and set the points to 20 thou, my problem now is when putting a new spark plug in I stripped the treads a bit and I'm worried there will not be any compression in that cylinder can anyone give me some advice as what to do or how to fix this. Can i tap it out one size up and use some sort of high heat teflon tape?
The standard cure for stripped spark plug holes is a Heli-coil. There are other similar products on the market too. Take it to an automotive machine shop and see what they advise. Teflon tape isn't boing to get it.