You need a multimeter to make sure you have 12+ volts. Start from the battery to the keyswitch to the positive side of the coil. Check the wire that runs from the negative side of the coil to the points. Check that the points open and close. That .020 measurement is for the points fully open. Don't worry about timing until you get the engine running.
Potential trouble spots:
Key switches can go bad.
The circuit breaker at the solenoid can get stuck open.
The wire that runs from the negative side of the coil to the points can short out due to melted insulation.
The points can get a white residue from heat. Sand/file them clean and reset the gap.