Explaining the ignition system takes some doing and can be done if necessary but first.........
You're stating that the engine DID run, then you set the points, and now it DOES NOT run. Reset the points as follows and let us know if this corrects the problem.
(Point Setting Of Magneto Models)
(J. Reeves)
Set the points as follows. Have the flywheel key aligned with the fiber rubber portion of the ignition points. Adjust the gap so that a .020 gauge will pass thru but a .022 will not. Should there be any question of the points being dirty (touching the contact with your finger would cause them to be dirty), clean them with a small brush and acetone or lacquer thinner.
NOTE: Should the operating cam have a small portion on it with the word "SET" imprinted, align this portion with the fiber rubbing portion instead of the flywheel key.