I was having the same issue. There are 2 ways to check and 2 meters you can use to check it with. A 12 volt test light from battery positive to the outer bent metal piece of each left and right side points. The 12 volt light is meant to light up when each point makes contact. The crank is manually lined up with marks LF left fire(first) and RF right fire(second). The points should open and the 12v test light will go on as they are not grounded out and immediate release if set properly when crossing each line. The other meter you can use is a continuity tester and will work though less accurate can get you workable results. Same scenario only the one end to left or right points and other to ground. I have found them less accurate due to internal battery so the light never truly went out brighter and dimmer but changes should occur in the same spots anyway if set right. Setting points is only good to you if the valves are adjusted. Valve covers off, drain the oil, remove spark plugs and left side round cover. Valve adjustments are set out at the LT left top dead center, and RT right top dead center. The reason the plugs are out is to rotate the bolt under left side cover counter clockwise only for all adjustments and this will allow you to do so without fighting compression, and as well you can insert a long clean plastic straw in each spark plug hole to see when each piston is moving to the compression stroke where each adjustment needs to be set. So rotating the crank check all 4 rocker arms have movement an the inlet and exhaust valves. Then crank it until you are in the compression stroke fir the left side. The left straw should be pushing out of the spark plug hole and the arrow should be dead on LT. With a light to the valve cover hole you should be able to see a nut overtop a philips adjustable bolt. Basically contact breakers under these caps. Loosen the nut, and tighten the bolt or loosen until you get within feeler gauge specs. Perhaps someone can post the inlet and outlet specs I dont have them handy. So the order as follows. Check all 4 rocker arms, adjust left valve inlet at LT, rotate, adjust left valve outlet (exhaust) at LT, rotate, check right valve inlet at RT, rotate, check right valve outlet (exhaust). Then when you think its good check them all again in that same order to make sure. Now you can set the points. Left side first with the LF mark on compression stroke and again on the right side RF mark on compression stroke. When readings are good you should be able to rotate and inspect these 6 areas without having to make more adjustments.
Inspect everything along the way on mine I have found cracked valve covers from over tightening, the off round dowel at the center of the points plate that decides when left and right open was off 180 degrees ( it is beveled slightly and resting on a square peg that rotates it with the crank). Until installed correctly setting timing was impossible as not enough wire to rotate the plate 180 degrees so the dowel had to be the answer. And lastly I am in the process of rewiring the stator and feild coil as Ive come across another issue with bridged wires there. Hope this helps get you going or at least to know you dont have issues in these areas. You may need to prop up your fuel tank for the valve adjustments.
