The charging system sounds like it is as it should be. As for the coil smoking that is not right but then on the other hand you got the coil at TSC the store that has more from the land of almost right then from the U.S.. #1 buy a true 12 volt coil one that says NO EXTERNAL resister needed for NAPA or such store. When the coil wet it most likely took the points and condenser with it but then you have the problem of now days a new condenser is bad about 50% of the time. As for how it runs you have the have a blue/white spark that jumps a 1/4 inch gap or more at ALL 4 plug wires
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Today's Featured Article - It Can't Be Done! - A Tractor Story - by Neil Campbell. I'll never forget the time back when I was a boy baling hay on our Farm in Big Rapid, Michigan. The most memorable event that took place was a trip up the steepest incline on the farm pulling an old New-Idea baler with a pony-motor for power and a haywagon. I had just talked my Dad into buying an old John Deere B with 6-speeds ahead and I was real proud of it, except it was a little smaller than the Case tractor that we normally
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