Re: 1976 25 hp Points question
Yes, FR's method is easier and more accurate, but you would need the special tool. PM him if you are interested. I believe he provides them very cheap.
My method, however, is simply this. There are timing marks on both the flywheel and armature plate. I think one is an indent and the other a line. When the cylinder fires the line on the flywheel should be exactly between the indent on the armature plate. This is the perfect spot for your piston to be when the spark fires. When you set your points to 0.020", the time the spark actually fires should end up being very, very close to this spot. To verify, you can run my test. You know the spark fires JUST as the point open the slightest amount. That would also be when you lose continuity of your circuit in my test above. So to be sure your points are set to fire at the right time, you can rotate the cam until the point just opens or when the continuity ends and then stop turning the cam at that spot. That's why you want to turn the cam as slowly as you can. Now, without moving anything, take the flywheel and visually align it with the cam (as you said it only goes on one way) and now look at those two timing marks. The line should be between the indent. If it is, you are perfectly timed. If it is not, you are firing at the wrong time. To fix it, when it is out of time, you just adjusting the point gap higher or lower. It may end up that 0.018" is the perfect gap for your motor (although if that is the case, I doubt you would even notice the difference if it was then set to 0.020").
When you have the point gaps set, so the spark will fire at the right spot as explained above, you can then check what that gap is for all future reference.
I don't think your problem is timing, but it doesn't hurt to get it set right, all the same. I do think you might have a defective point. If your point was opening even just a little, when it should be shut, it will prevent the condenser from building and holding the charge that it needs to give you a spark, at any time. This could be your problem. It may not, but I would do the test just to set your timing right, anyways.