Hmmmm.....I find it hard to imagine that the wattage rating of the bulb (as long as it is a 12v bulb) reallly matters.
PAUL - the bulb definitely should go out exactly when the points open. If the light definitely is good, but doesn’t light-up when connected to the points, I can think of two things to check:
1) is the kill switch in the “run” position? If the switch is in one of the two “OFF” positions, there will be no power in the ignition circuit (that is how the engine is shut-off in fact).
2) are you certain that at some point in the rotation of the points cam, the points are closed?
In you photo above, the lower set of points is clearly open, but the upper set may be juuuust open as well. When you mounted the points on the plate - did you set the gap? Perhaps the points are mounted such that they are always open....
I may be wrong, but as I recall it, you must first set the points gap (how much the little contacts open when the cam pushes on them) and THEN you must rotate the points mounting plates to set the timing (which is WHEN the points open).
BTW - another good way to set the static timing is with a multimeter that has an audible diode check setting (essentially a built-in buzzer that sounds when a circuit is closed and contact is made). That way, when rotating the crankshaft, you can watch the timing mark and simply listen to the buzzer. When it stops buzzing - the points have juuuuussstt opened.
A meter with this feature will cost a little more than a real cheapo, but not much more.
Stick at it - you’ll get there.
Pete