Donít worry, Iíve seen worse. The points cam is on the flywheel. Make sure its not rusty. A rubber abrasive wheel works well to clean up. You need to remove the stator and the coils and clean all the contacts. While you are at it you can bring the ignition wire out of stator making timing easy. Itís the black with the braided insulation coming out of the ignition coil. It is not necessary for this wire to be soldered to the condenser and it is a shitty design.