The points would be under the fly wheel but it probably doesn't have points.
Electronic ignitions started to be popular around 1975. Points were replaced
with triggers and electronic pick-ups very early in 2-stroke O/B's. Your
problem in any event will be setting the timing. The stator plate is
adjustable as well as the point gap. Get your self a shop manual for your
engine and save yourself a lot of guessing.

John


...
bought a small outboard last week, johnson 4 horse two cyllinder 2
stroke probably from the late 70's/early 80's by the look of it. This
one has the throttle on the body of the motor. gave it a compression
test and things look fine, but its a ******* to start and runs a little
rough at idle. The motor looks to have had little use, but id say the
plugs are the originals from the factory! Im thinking new plugs, carb
clean and new points. First two are no problem, but the third?

These things do have points right? if so, where approximately would i
find them, and are they any harder to replace/set than those on a car
or motorbike? Hoping to get this puppy in the water soon, its hot as
buggery in australia ;-)

Thanks,
Shaun