when i put my little LED thing on it to ensure the points were opening - no matter what - even with the points obviously opened the led is still reading like they are closed
That's normal.
For it to stop so suddenly, I'd suspect the drive gear has stripped and it doesn't turn any more, or for some reason the points spring has started touching the cam ring, or something is open in the low tension circuit, such as where the wire goes onto the condenser. Earth brush or brushes might be worth a check too.