This thread is a couple months old, but there are some tests you can do with a multimeter to test the ignition system. Everything is pretty well explained in the service manual (sundry.tech.purdue.edu/mleasure/Personal/KV75-Service-Manual.pdf) starting on page 72. If you have any questions with the testing procedures.
I recently had a no spark issue on my newly acquired '71 MT1 which turned out to be a damaged (internally shorted) source coil behind the flywheel. I was able to rewind it myself and get it running again.
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