Ok, finished the rebuild and of course I have no spark.  Had spark before and it ran, but now nothing.  I pulled off the mag cover and the flywheel and quickly noted that all four wires coming from the stator were grounded. The blue wire of course goes to the neutral switch and should be grounded. in neutral.  All the other are grounded and I have continuity to the ground at all points in the assembly.  I pulled the wire from the points and was able to make them work and not be grounded unless closed.  I pulled the condenser (de-soldered) and tested it and it holds ar peak without dropping resistance down so it tests as bad and grounded out.  Now I do not have ground to the points (blue wire) do not have ground to the lighting coils, but do have a ground to the source coil.  Any help is appreciated - ordered new points and condenser.  Also the coil tests low for the primary and secondary.  Not sure if I should worry about that yet.  as I said it ran before I took it all apart.  

From what I remember & struggle to remember yesterday someday lol, all coils are grounded, it's just how they are. Only need the black from mag straight to the coil to get action. So providing points are reasonably clean ie making contact & source coil points & black wire are all on the condenser it should spark--in theory !!.

Oh boy - pulled the mag cover and went after the points to make sure they were clean - I have spark - will fire it up for the first time tomorrow - Thanks all 

A continuity test will always show "continuity" if the magneto stator is good.  If one of the wires showed open, that would be an issue.  

You need to use an ohmmeter with an Rx1 scale (analog meter works best) to test the points circuit with points open (generally should see 1 to 2 ohms) and closed (0 ohms)  (black wire).

The other circuits are lighting/battery charge and their ohms readings vary.  They are not used to run the ignition