My two cent's worth:
Did you unbolt the coil, or loosen it? If so, I can almost guarantee it's out of time. I've never bought a used Tec that wasn't out of time.
But definitely ensure you have good fuel level in the float bowl first.
You don't time these with a timing light. It's a process involving an ohm meter and a depth gauge. The procedures are in the Tecumseh service manual which is
on line in PDF format.
Carb- get it idling and increase idle set screw to raise RPM. Adjust low speed jet to get RPM to increase. Keep in mind you don't have a governor, and don't over-rev. Reduce idle set screw if RPM gets too high while adjusting the low speed jet. Once you have the maximum RPM you can get, do the same thing with the high speed jet on the bottom.
Now turn the idle set screw to normal idle RPM. The engine should accelerate when you move the throttle plate. You can't fine tune the high speed jet until you have it on a bike with a load on it and the governor hooked up and adjusted.
If the above carb adjustments don't fix the problem, you'll need to look into the timing. You need an ohm meter, (continuity tester) depth gauge, (dial indicator) feeler gauge, and have access to the proper procedures linked above.
Personally, when rebuilding an engine I just go ahead and buy a set of points and condenser. Cheap. But requires timing, since TDC points setting of .020" affects the timing at .065" BTDC timing setting.
And a bad condenser will cause it not to accelerate as well. Pay attention to that plug lead as Markus recommended.
Last bit of advice- don't time it at TDC and set coil gap (as seen on the internet) and assume all is good. It won't work. Don't attempt to install solid state timing in this motor. (also as seen on the internet) It won't work.