Re: 100hp 1972 ign problem
You'll be looking for something/anything out of the ordinary, hopefully you'll be able to see whatever is arcing in that area.
That 1972 100 model has a sensor (no points). With the cap removed and the coil wire unscrewed, you can have the key in the ON position and simply drag a feeler gauge across that sensor which would make a spark jump from the coil wire to ground if the ignition pulsepack and coil is okay.
Before removing the flywheel however, you might want to use a smaller voltage bulb and do that test I mentioned again. If the bulb does not glow, and you do have voltage being applied to the pulsepack, that would normally indicate a faulty pulsepack. However, there could also be a frayed sensor wire under the distributor cap, a broken wire between the sensor and pulsepack, something of that nature that would interfere with that test.
With the dist cap removed, you'll be able to test those wires etc with a ohm meter.
1st step.... Do that powerpacl/pulsepack again with a lower voltage bulb.
2nd step.... Remove the flywheel and inspect.