To adjust the points
Rotate the crankshaft around until the cam opens the points
Feeler gauge - 0018" between the contacts that should be open
If not correct gap
Loosen the large screw just enough for the plate to move
The small screw is on an eccentric and turning this will adjust the gap
Clean the points with a small folded piece of nearly worn out sand paper if you don't have a points file or other. Lots of people have many ideas on what's best for cleaning contact points you can look into all of that once you get it running. I am not talking about using sand paper that will rip the guts out of the contacts, when it worn down quite a bit it is perfect.
Your feeler gauge should just have a bit of drag through the contacts, when happy tighten up the large screw and rotate the crank a few times and recheck the gap.
There is a felt pad there that you can put a drop or two of engine oil onto also, not too much as you don't want it flying around over the points etc.
Doesn't hurt to clean the surface rust off the magnets inside the flywheel and on the ends of the coil etc.
You will have to put it all back together to check if you have spark, good luck. I will put the timing procedure in my next post, have to go out for a minute.
