I read your post as for were the condensed hooks up to it is bolted to the distributor case and hooked to the neg post on the distributor it is used on a points distributor. If some one changed the distributor to solid state that would be why the condensed is not hooked up. I don't think that is the problem. Hard to tell what is wrong with good compression it should runwould bleed the tank down and try a small amount of starting fluid and see if it starts do not spray a large amount this will tell you if you have a gas problem or spark
Remember you need three things to start a motor spark fuel and air.