Yes that is the coil. Determining microfarad value is a crap shoot.
Watching how the points pit can tell if your high or low over time.
You don’t have to get into the tube to do a test. Just ground the
condenser anywhere on the motor and extend the lead so you
can run the wire to the coil connection in the timer to see if it will
start. You can get the wax out with a heat gun. On low and not
too close. Position the coil so the wax can run out and let the warm
air blow into the tube. Again, not too close as you can damage
the tube. It takes quite a bit of time. About the time you have
3/4 of the wax removed from the tube you should be able to
push the rest out.
Tubs.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.