The Wico Model C appeared somewhere in the late 1930's-mid to late 1940's . It was used as OEM equipment by John Deere, Wisconsin and others. When in repair it was fairly hot and reliable. It used sleeve bearings inside a long tube to support the armature and a wick system to supply lubrication. There are two pipe plugs , one on each side of the housing that seldom if ever got oiled when in use. We always try to saturate the wick on each side with oil (SAE 30 Crankcase oil is fine) whenever we take one off a tractor. Oil cannot get on the points. By far the biggest problem is a lack of oil.
Here is some factory service information by kind permission from Wico to keep your two banger sparking.
The original black plastic condenser if still present is probably defective.Check for electrical leakege first and replace if there is leakage. The Eisemann coil tester test spec book shows a max of 1.9 Amps for this coil. Less is generally better and indeed many early coils will come in at or near 1.3 Amps. This makes a good hot mag. More on this later. The spacers in the breaker lever assembly are important to line up the contact surfaces. Sometimes when these are rebuilt with new gaskets the points will go out of adjustment over time when the cap(Coil Cover) holding the points settles. Sometimes the bent end of the breaker lever spring can short to ground against the condenser terminal screw support. If this happens the bent over end can be ground off.
Make sure that oil scraper X1487 moves freely in its slot when reassembling.
If removing the rotor is necessary, beware of a burr that forms on the shoulder that the impulse butts up against. It will dig into the bearing when the rotor is pushed out. Take it off with a small lathe bit or end of a small file. Always keep the magnetic rotor away from any hint of metal filings or chips. Metal filings and chips can be remover with masking tape if needed.