I did some more testing and have more information
Firstly, I have a big fat spark at the king lead from the coil, and sparking at the points, which are opening and closing as they should.
But I have zero spark at the plugs. I tried another known good spark plug and got no spark there either.
I'm guessing this means a failed condensor, yes?
My thinking is to go straight for an electronic ignition conversion and do away with the old setup.
My second discovery was that i am sometimes able to crank the starter motor by simply waggling the wires that lead to it behind the grille. I must have a short in that section of the loom. Not ideal. However that's a secondary problem.