I went through it all again and then had the bright idea to remove the points and check them with a meter. This showed that despite looking clean and having the correct opening gap, they weren't actually making contact when shut. A bit of a clean with the fine sand paper and they work. I put it all back together as it was - there isn't any obvious markings for a standard position - and I got a spark!
Slapped it all back together and put the gas tank on and after three kicks she roared into life. I say roar - well look at custom exhaust below.
The bike hasn't been running for seven months and has been off the road for three or four years so I'm impressed.
The bike was a nice bike once but was stolen and recovered a year later - by which time it had been trashed.
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