One additional test you can perform. Check the impedance (resistance) of the secondary circuit at room temperature. Hook an ohmmeter test lead to the spark plug terminal of the high-tension lead and another to the lamination stack (ground). Your resistance reading should range between 2,500 and 5,000 ohms. If infinite (no continuity), an internal open circuit exists. Replace the coil. If infinite and the engine runs, your problem is an internal break of the high tension lead, a poor attachment of the spark plug terminal or improper mating of the high tension lead to the coil. A pin within the coil body skewers the lead. If the pin does not contact the wire core, there will be no continuity. The coil will often have enough available voltage to jump the gap, so you see spark. The internal arcing that occurs within the high-tension lead will eventually create enough resistance that ignition system performance will suffer. If your resistance reading is much lower than 2,500 ohms, an internal short exists. Replace the coil.
MOST IMPORTANT: Be sure to isolate the coil from the equipment wiring harness as well as the engine's wiring harness. That's right, unhook the ignition grounding lead from the coil itself and use the spark tester. Many a technician is fooled into replacing a good coil because the coil grounding lead was shorting out against a piece of sheet metal. DO NOT attach the tester to the spark plug for this test. The engine may start. Without the grounding lead installed, you won't be able to turn it off. If the coil is properly grounded to the engine block, engine speed is at least 250 RPM and the flywheel magnets are OK, there should be spark present in the window of the tester. If not, repeat the test double checking your procedure. Still no spark? Then and only then, replace the coil.