The external condenser is a radio noise suppression type. Older ignition systems would "transmit" RFI, this is why solid core spark plug wires went away, and resistor spark plugs were invented. Really old trucks were pretty bad, they would interefere with television reception when they drove by. The noise suppression capacitors were also used on generators and alternators, voltage regulators etc.

Anyway, remove the external suppression capacitor for test purposes. If it were defective, and by now it might well be, it would ground out the coil. I think they are supposed to be connected to the pos + side of the coil. If it's connected to the Neg - side of the coil, it is in the ignition circuit same as the one inside the distributor. I think.

Try filing the points carefully. They get a super tenacious crud on them after a year or two. Check for continuity when closed between point arm and ground.

Yeah, I'm prone to editing. Mistakes or omissions are only visible after posting ha ha.

Yes, get rid of the external capacitor/condenser for now. Keep in mind the shiny new ignition condensers are junk, I would consider the one inside the distributor right now like as not better than what is sold today mostly. If the condenser is bad it will not run. The points sold today aren't much better. Check for a bright blue spark from the coil wire held near the cylinder head, maybe 3/8" away from a bolt or whatever.

Clean up the battery ground on the block, and gravity feed gas direct to carb from a boat tank or something like that, the tank is likely full of sludge and rust. Maybe squirt some Marvel's in the cylinders to help free the rings. Charge up the battery good. If compression is reasonable and spark is hot it will start.

I thought it would. Those numbers aren't too bad, and they should come up more once it gets put through the paces again. At least no dead holes.