Distributor Timing  (It is good to have someone to help with this.)
1. First, remove the distributor cap.
2. Next turn over engine and watch which way the rotor turns. (should be clockwise)
3. Next,remove #1 spark plug, put your finger in the hole and crank over the engine until you feel air being forced out.
4. Then look in the timing hole and turn engine until timing mark shows in center of the hole(TDC)

     It is pretty simple in theory. Like all four cycles, the piston comes to TDC (top dead center) twice for every time the magneto or distributor rotor goes around. ("B"&"C") The left side of the engine has a hole in the bell housing where you can see the timing mark on the flywheel. (center hole)
    ("WD" &" WD45")  The timing mark is found by looking under the flywheel housing for a small hole possibly covered by a small plate held with two wing bolts. The FIRE mark and the TDC mark  are located on the flywheel through this hole. Use a little light colored paint to make seeing them  much easier.   

5. The Rotor should now be close to a lug in the dist. cap. To determine this, make a mark by the  #1 spark plug wire on the dust plate that is under the rotor.
6. Now take the rotor and dust cap off then turn on the ignition.(Be sure point gap is .020)
7. With the ignition on and distributor clamp bolt loose turn the distributor to close the points.
8. Then back until they just open and you see a spark between the points.    
9. Tighten the distributor clamp bolt. You now have the engine timed to fire at TDC when starting.
10. Install the dust cap and rotor and make sure the rotor still points to your mark on the dust cap.

11. Next, remembering the direction of rotation install the distributor cap and #1 plug wire in the hole the rotor is pointing to. Then #2, #4, #3 in the same direction the rotor rotates.
12. Time it with a timing light at over 1/2 throttle (so the distributor weights can advance the timing) and adjust the distributor so the FIRE mark is centered in the hole.
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A distributor requires low voltage from the battery to energize the coil. At slow cranking speed the distributor also has the spark retarded. When the engine starts, weights inside the distributor cause the spark to be advanced for full power.

coil NAPA/ECHLIN p/n IC64SB (12 volt with an internal ballast resistor)
points -NAPA/ECHLIN p/n CS763A
condenser -NAPA/ECHLIN p/n FA76

Echlin # SF139  is the bolt contact for converting starter to solenoid starting.

Let me explain a little about what happens to get a spark,,,,,,,

1. Turn the key on......this should get voltage from the battery to the coil then out of the coil to the distributor points.

2. When the points close this voltage is grounded..........this circuit is the LOW voltage circuit.

3. The coil is a step up transformer and the LOW voltage surge to ground through the points causes a HIGH voltage spark from the coil to the cap and rotor and to the spark plug. This is the HIGH voltage circuit.

Some things to check
1. With the dist cap off.....points closed.....ignition switch ON.....gently pry the points open only touching the part that moves......there should be a spark when the points open.
2. If there is no spark......short across the points......if you get spark.....the points and condenser need to be replaced.
3. If there is no spark when shorting across the points.......go to the coil and determine if there is voltage.......if no voltage......go to the switch.....etc. until you have found the problem.
4. When you get a spark while opening the points with the key on.... then check the cap and rotor for carbon tracks (dark line indicating the spark is grounding to metal parts of the distributor.) If you find carbon tracks inside the cap or rotor, replace them.   
5.Then proceed to static timing procedure.
6. After static timing is done then check the coil for spark. Most automotive parts stores can also check the coil to see if it is good.
7. Be sure the LOW voltage system is working before replacing the coil.
8. Be sure all HIGH voltage wires are copper wire NOT the new carbon track automotive wire or resistance wire.
9. Do NOT use Champion spark plugs.

I hope this better explains where to look and what to look for.