There's a lot that could be going on here. Best to walk through it step by step.
- Check the condition of wires on stator. Any signs of rubbing, pinched wires, or shorts (scorching)?
-Ensure points are operating properly -- test with bulb or voltage meter. - Is the flywheel properly mounted and torqued down?
- Is the Stator properly grounded?
- Is the engine properly grounded?
- Do you have power from the stator to the coil? Check with bulb or voltmeter.
-Swap to a different spark plug and re-test.
-Swap Condenser and retest -- I've had no end of trouble with new condensers that are bad.