Ok, I have some disassembly and have more questions.
Firstly, I am not sure if this motor was run very much at all. See the below picts of how clean everything is (intake and carb) and it has not been serviced or anything else that the previous owner can ever recall. It has been in storage (basements and garages) for over 70+ years. All the bolts (including spark plugs) came out relatively easily and without penetrating oil. Highly unusual, at least for me with old outdoor equipment.
I have continuity and resistance (2.3 and 2.5) across coils. Points look clean and not pitted; move easily. Sparkplug (Champion OCOM) electrodes look cleaner and better that the ones I pulled out of my mower this season after two years of service.
Good storage preserves a motor for a long time. Bad storage can ruin a nice motor. When you look inside the muffler, that will give you some idea how much its been run.
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.