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Thanks for all the replies guys. I did notice that the terminals inside the cap seemed fairly close, and I adjusted them (and I am going out to see if that fixes it). The car ran fine prior to me taking the thing apart to install the Pertronix. And yes the felt has cut outs for the black bumpers. The reason the Pertronix doesn't fit is because of the second post for the points it hits the module.
Okay just checked it. No joy. I am sitll not getting any spark. I checked with the test light and is it normal to get power to the negitive side of the coil? Seems weird to me. But I am not getting anything from the coil wire to the distributor. Perhaps the old coil died?