Do you have an electrical multimeter? An inexpensive one will do for basic diagnosis, but if you like nice tools, get a nice one. As uncle nick mentioned, it could be fuel or electrical, a combination of the two, or even mechanical. With a neglected former project, nothing is off the list of possibilities.
That being said, it is best to start with the basics. Are the spark plug leads (secondary wires) connected to the proper spark plugs? One coil fires cylinders 1 & 4, the other one fires 2 & 3. Is the kill switch set to Run?
Are the coils getting sufficient voltage? They should get within 0.5v of full battery voltage. The battery should measure 12.5 to 13 at rest with nothing on. If the coils are getting low voltage, there is likely corrosion in the connections of that circuit. A dedicated elelctrical contact cleaner like Deoxit will work wonders. Do not use WD40 or dielectric grease.
If the coils are getting no voltage, there may be something disconnected, or there may be a problem in one of the switches. The contacts in the switches can get diverts and corroded, and solder gets brittle with age, so a soldered connection may have come undone.
The factory service manual has some good diagnostics in it, and it will tell you exactly what sort of readings to expect.
There are several members here that have forgotten more about this than I will ever know. I suspect one or two of them will be along directly.
If the points are arching, the condenser may be shot.