Kurt - thanks for the response. I replaced the condensor and the points, as well as the rotor and the magneto cap (large black plastic cover with WICO on it - forgive me if the terminology is not all 100% correct).
I also replaced the plugs and wires. What I"m seeing is that the clutch side cylinder has gasoline POURING out of the petcock. My thinking is that I have a carb problem still. I"m open to suggestions, as well as links or materials you might have that could help out here.