Best advice is to get it working with the breaker points, and only THEN attempt to "upgrade", if you are convinced that's what you want to do.
If it is not in running order when you attempt to "upgrade", you only add more unknowns to the mix.
Based on what you have done, I would check that the "pass through" terminal stud in the distributor is not shorted to the distributor body, and that the little copper strip between that terminal and the breaker points is not cracked or broken, and is not shorted to the distributor case.
Check that out, then try again for spark.
If still no spark, connect an unpowered test lamp between chassis ground and the pass-through distributor terminal, turn on the ignition and report back as to what the light does during cranking.
You can copy the following link and past it into your browser to view a GOOD manual on how Kettering ignition systems work.
Even though it's a John Deere manual on a Farmall site, the information directly applies to your little Ford.
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Today's Featured Article - Persistence Pays Off - by Sam Grice. About a year ago I was driving down Hwy 36 south of Houston and I saw an old John Deere H sitting in a field with the planters and cultivators still on it. It appeared that it hadn't run in some time, but I stopped and went to the farm house and asked if the tractor was for sale. The lady of the house who answered the door offered no answer, but said that she would talk to her husband and have him call me. I figured he was away at the time. Well I heard from him the next day, and he procee
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