I wouldn’t use any kind of lube/chemical on the points. That may leave a film that is non-conductive. After sanding to a near-mirror finish, I use “Electronic Contact Cleaner” only, then clean paper pulled through the points. Some paper is no good from ingredients in it.
You need sufficient RPMs to test for spark and a good grounded spark plug and plug wire with no cracks in it where arcing could occur.
