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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