I'm running points.

 

i'm gonna take a guess before you post your results that the condenser took a dump, and now the points puked out too. If you get your test light and have power to the +side of the terminal but no flash on the other side while cranking, put new points and condenser in it and it should fire up and hopefully stay running.

 

do a compression test
do you have solid lifters

 

Got it figured out. Points and condenser were good, rods ajusted correctly, plugs not fouled and carb set right. It was my fuel tank. I knew it had some rust and scaling from sitting several years without much use but when I took them back off I found several acorns in the tank and a lot of sediment. The guy I bought it from had a young boy so I'm guessing that explains the acorns. I sent the tanks in to get them cleaned out and resealed, the petcock was completely fouled so I cleaned it and the fuel filter. The bike starts and runs fine with fuel comming from another source so everything should be fine when I get the tanks back. I had checked the fuel flow before and it seems fine but the bike was on it's jiffy stand. I also had tried cleaning the tanks and had never noticed anything other than sediment. Must have freed the acorns up with the cleaning.
Thanks again for all of your inputs.

 

well, hopefully that's it and you have it all squared away. Acorns in the gas tank doesn't explain no spark though...