Wish I knew what I did, so that I could pass the information onto the other forum users. I sent the coil and the magnets to Peter Scott Motorcycles in Seven Hills. Peter rewound the coil and remagnetised the magnets for me.
Although there is no adjustment for the gap between flywheel and the coil I think that as they were touching that was probably the core problem. I could see that it had been taken apart before and in hind sight I should have been a little more suspicious. I cleaned all of the seats with a light sand before reassembling and I think the problem was with the fittings on the ends of the coil. There is a little room for them to move in and out. Only a couple of thousands each but that was enough. Ultimately it comes down to a pretty tried and trusted system, so if the coil, condenser, points and magnet are working all that is left is the gap.    
I have a spark that you could weld with, the mower started straight away and I mowed the lawn. They must have been close to the ground fast moving people in 1952 as I have to hurry to keep up with it at an idle. I think you could take it out on the open road at full speed. I cannot see any obvious way of slowing it down (other then engine revs) but it is possible there could have been a different drive pulley or gear for it.