Nope, don't need a timing fixture, but definitely much better with one, that's all. I went many years using feeler gauges with great success. But once I bought F__Rs fixture (find him on this forum), I never went back. Im assuming you do not have one? I can promise you that if you invest in one, you will not go without it. As Racerone said, you don't even need the fixture on many motors that have the marks embossed on them, just much easier with it as you don't have to take the flywheel on or off, or drill a hole in the may plate for the test leads. To add to that, getting a buzz box, or a meter that can read under an ohm, makes things easier still as you do not need to remove the leads.
Flying Scott, Im not sure what you mean by that motor being hard on points and condensors? What am I missing?
For my own motors, and I am talking 60s vintage and older, I like the original points. For years, I thought replacing was necessary, but have quickly learned that they don't make em like they used to. The original points in them are of much better quality than what you will buy today, even OEM. Unless the rubbing blocks are worn beyond use, but that is pretty rare.
When I restore a motor for a customer, I replace the points, as they feel like I should, even if the originals are better than new. We live in a wasteful society. So, I reluctantly replace them, but keep them for myself and my personal motors.
I test all condensors, I don't just replace them because. I find the originals from 50s or 60s are about 50/50 if they have the red paper top. So, if they have the original red paper tops, and you don't have the ability to properly test them, I can see replacing them.
If they have been updated to the black rubber caps, they are almost always good, but there are still the bad ones out there.