OK, you have an audible continuity tester. It should sound whenever the points are closed, and stop when the points are open. You should NOT have the key switch on. And, you should have your Stop-Run-Stop switch set to Stop.
As you rotate the crank in the running direction, the meter should stop blaring when the F mark aligns. If the point gap is set correctly, it should remain off until about 165 degrees of further crank rotation.
Cheers,