Have spark, fuel and compression 1974 Mercury 9.8 Thunderbolt egnition

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So we've had this engine for over 30 years and have always had problems starting it.. It was in the family. Lucky if it seen a few years on the water..Years ago it had the impeller replaced, then years later the carb rebuild. Now I have it back. The wiring was totally destroyed all the way up to the stator. So I've replaced it all with marine grade wiring. Only difference is, this wire has double the strands. Not sure if that's relevant. Took apart the carb and cleaned it, including the side mounted fuel filter. Compression is 95 on top & bottom. I can't even make it try to fire now!? Like it has no spark or fuel. It's crazy. I'm TOTAL stumped. Waiting on a repair manual. Boat motors are really not my thing but I can rebuild a truck engine. Anybody have any ideas?
My son did say he was turning the prop. one day, I just can't remember if the flywheel was off at the time. Could this retard or advance the timing?

 

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I have a 1974 mercury 9.8 Thunderbolt egnition and I'm trying to set the points. When I turn the prop I'm getting none or hardly any gap at all. Do you use the high side of the lobe and line it up directly across from the point, or the part that touches the shaft. Any input would be greatly appreciated. Thanks