Well, the timing tool will make your timing more exact for sure. But, in your case, setting the points to .020″ on the high point of the cam will surely get it running. So, I think you have some other issue going on here. Are you sure you have the coils connected to the proper plugs? Are you sure you have the coil primary leads connected to the proper point set?
To me, it just sounds like the ignition is 180 degrees off, could be as simple as the plug leads being backwards. When the plug leads are backwards, the engine will only cough/spit/backfire, it will never run.
