First, check for spark using a spark tester or a spare sparkplug with the gap opened up to 3/16" or so.
Points on these engines are NOT set using a feeler gauge, point setting gets "tweaked" a bit to set spark timing.
"Eyeball" the point setting at around .020", then finalize the setting using a timing light. That will keep your potentially dirty/oily feeler gauge out of the new points.
Procedure is in the factory shop manual linked below, as well as a wealth of other troubleshooting information.
It's possible the points need to be cleaned of any residue or oxide. Draw a strip of clean white cardstock though 'em a few times to burnish then, then, with the points open, spray them clean with electrical contact cleaner and allow to air dry before again cheecking for spark.
It's even POSSIBLE a valve seat came loose, a compression test typically tells a lot, but these engines have ACR, so they make lower compression than expected at cranking speeds. Compression and crankcase depression, and (IIRC) leakdown testing are all covered in the manual.
Could be a gas flow or debris in the carburetor issue, if valves OK and there's spark