OK!
Update on this.
New points, condensers and HT coils (went for some 4.5Ohm ones as used on 60/70s british racing bikes rather than the more expensive dyna option)
Point gap good left and right.
Static spot on. Advance timing too.
Can be difficult to start (cold or hot) - carbs set up ok as are valves. And 100% Motoblatt battery.
Got slight arcing on left pot points. Sign of less than 100% new condenser?
jelly in one carb - both stripped and cleaned, new jets.
Realised classic british racing bikes are positive earth, guzzi is negative.
swapped ignition live and points wires around on ht coils- starts!!
Coils should be 3 Ohms each.
Some arcing across points is normal and cannot be eradicated completely.
However if you’ve put new condensers on unfortunately some if not most new ones you buy nowadays aren’t actually any good, and several instances we know of people have put the old ones back on which work better!
Mike
I will have another play as I have a few old condensers lurking in a box somewhere.
Is the 4.,5 ohm coil going to cause issues?
Current will be lower so spark possibly weaker.
My father in-law is running 5 ohm Dyna coils on his le mans 2 and it runs great, i am in the process of fitting 3 ohm Dyna coils to my le mans but unlike my father in-law I’m mounting them on aluminium heat sinks due to the extra heat they are supposed to generate, so fingers crossed they perform well.
I have 3.0 Ohm on my Tonti but they run two plugs each and work very well. I got some bad advice when I went over to twin spark and kept melting coils if I left the ignition on! Sorted now, only problem is that they are a fetching shade of green, maybe I need to go back to green stripes this year on the tank and side panels? They are up under the tank so not to obvious,
Oh yes around 50 Watts worth of heat. Each. So freakin’ 'ot.
I’ve always used the normal oil filled ones, never had a problem, except once, wire gone open circuit inside so intermittent spark.
Just some pictures of my newly installed 3OHM DYNA coils that might be helpful for someone looking for info on fitting these coils, measurements and info on the heat sinks I used can be provided if necessary 
Have you got it running now? I see you have posted on another site and are getting advice from the same person as on here, bizarre 
The live feed between the coils was not 100% - my fault I made it.
Redid it, timing spot on.on both points on static and advance.
Carbs cleaned out with new jets and choke pistons.
Now starts nearly first time IF battery charged up.
Runs well so far over 30’ish miles I’ve done.
Pulls better than with the mistimed electronic ignition, sounds crisper too when warm.
Nearly ticks over when warm, does so on choke when cold.
I will take it from there and see how i get on when the weather is not so wet.
I wont detail what I have had to do to get this far but you can guess from a bike that was MOT’d in 1998 then again last year. (think forks, swing arm, U/J, rear suspension, brakes, oils, cables etc etc.)
Thanks for all the input.