"This has a Thunderbolt II ign
"This has a Thunderbolt II ignition, so there should be a "capacitor" integral to your stator.
The high or low speed windings power is rectified and stored. When the points "close" the capacitor should release it's charge to the coils.
How do you know you have voltage to your coils?
They don't decide whether or not to fire.
Once the charge is released/triggered by the points, the power is passed from the capacitor through the coil to the plug - nothing there to switch or stop it unless it is grounding out before it gets to the coil....
If the coils are getting power, then either, both coils are shot, they are grounded out, both plug wires are bad, or the plugs are both bad.
The odds of "both of anything" simultaneously going is kinda remote..."