If you replace the chain & sprockets (as a set, right?) DO NOT install a 530 o-ring chain - it will chew a oil leaking hole in your cases.
Oddly, I just posted a question about 520 conversion sprockets - 520 o-ring should fit perfectly if I can find the gearwheels I need, and comes in 10,000 lb. tensile strength from some manufacturers - it will literally last a lifetime.
An alternative to the points ignition would be my next step. There are more heated discussions on this forum regarding selection than what oil to use!!! Hondaman's, Dyna, Cycle X, a quick search will turn up plenty of food for thought!