Last night I cleaned and rebuilt the carb. After tearing into, I don't think it was really necessary as it was really clean with little to no varnish and the fuel inlet needle and seat were in good condition. Still, I soaked it in Chem-Dip for about 30 minutes, rinsed it with water, dried with compressed air, and checked for good flow through all of the low speed and high speed passages by blowing carb cleaner through them. I installed the new inlet seat, seat gasket, and needle, float and pin, drain screw gasket, and low speed o-ring, and set the float height to the factory service manual drop height. Reassembled with new gaskets. Checked the inlet needle for a good seat by holding it upside down and blowing into the fuel intake and couldn't blow through.
While the carb was off I checked the reeds. They looked good to me in terms of having no chips missing corners, however, one set did show a small sliver of light as I held them up and looked through them. For now, I just reinstalled them followed by the clean carb.
I also cleaned and gapped the points. Each set were opened too far and I had to move them both closer to achieve 0.020". After that I tested for spark using a spark tester and became extremely frustrated that I was only able to get it to jump maybe 1/8" gap at the most. I tried having my spark tester clipped to numerous different head bolts and other places near or on the block. I finally got a jumper with alligator clips and connected it to a clean bolt holding on the rewind starter, and BAM...nice bright, "zappy" spark that was jumping close to a 7/16" gap on one plug lead and about 5/16"to 3/8" gap on the other one. Goes to show that a good ground is critical. In retrospect, my best bet actually would have likely been to clamp to a portion or the mag plate (free of the moving flywheel).
Time to start it back up and see if either of these tune ups made a difference.