good news on the compression. Points have to be squeaky clean — use lacquer thinner or acetone and a matchbook cover to dress them. Gap is .020 when the rub arm contacts the highest point on the cam.
Use an adjustable open air spark tester to measure spark. If you have no spark and the points are set properly, there is a multimeter test to check continuity from the spark in the plug boot, through to the mag plate (something like 5ohms resistance, I think, with the tester set for 1K.)