Here the rap (1978 CB550K Bone Stock):
Everything was great on the bike, and it was being ridden daily. I eventually noticed a little stumbling/flat spots so I decided to static check the points/timing and sure enough, they were a little out of spec. I loosened up the 1-4 points and adjusted the gap, tightened down and loosen and adjusted 2-3. I was checking the timing and noticed that all of a sudden, only 2/3 spark, and 1/4 don't.
I checked by grounding brand new plugs to the block and slowly rotating to F. Sure enough, only 2/3 produce spark and 1/4 do not. I have cleaned the points and re-adjusted twice, to no avail. I have searched previous threads and the common issues (blue wires grounding on the plate, points mis-adjusted) I don't think apply here.
When I arc the 1/4 point with a screwdriver, it sparks and also sparks the 1/4 plugs when grounded, but it does not produce a spark when rotating the crank, which led me to believe that the points weren't touching (is this hypothesis correct?), but I made sure they were touching and sure enough there is still no spark.
So what do I do now? I do not have alot of money to just go out and buy new parts, so hopefully there are some easy diagnostics/troubleshooting I can do before having to drop money on parts. Thanks guys.