Hi Grumpy.
Took the pull starter and cowl off and removed the coil pack. It has two wires coming from it, one that is grounded under one of the mounting screws and one that disappears down inside the engine so I am thinking oil level switch?, or is it a points type engine? I can't quite work it out from the parts list. I disconnected it and still no sign of a spark. If it is the coil then I'm afraid the cost of restoring it going to be out of the question with the coil pack somewhere around $90 to $100 since the compression feels low and it will probably need rings at least as well.