I usually just replace points and condensers, coils if there is any doubt about them. Coils need to be mounted perfectly flush with the machined edges of the mounting posts (insures the correct magnet air gap). You can check the magnets by dangling a small screwdriver in front of them -- likely fine, but doesn't hurt to check as part of the routine.
You can do a very basic spark check by spinning the flywheel clockwise by hand, plugs out. The flywheel doesn't need to be torqued down to do this (or bolted on, for that matter -- allows for checking and rechecking before reassembly). Following reassembly, measure the spark using an adjustable tester.