the vacuum advance has been removed, it may still have the mechanical advance. hold the lower shaft and see if the rotor can be moved back and forth some
That's what I was going to mention, that the mechanical advance assembly is under that top plate where the pickup coil is.
Holding the bottom end of the shaft and turning the rotor end back and forth should result in about 1/4 inch of play and then spring back when you let go.
