If you have 12 volts to your spark coil, your ignition system should work regardless of your gauge system. Those 12 volts should be going to the 'plus' side of your spark coil, and the negative side of the coil should be going to the distributor assembly. Try disconnecting the wire at the distributor and do a voltage check there. You should have 12 volts. If you don't then you have a problem in the coil or the wire or something.
Next, with the wire disconnected at the distributor, hook an ohm meter to the distributor lead and the other probe to ground. Open and close the points with your finger and the needle should deflect full swing, or you should hear the audio buzz of a digital type meter.
If the meter stays on '0' ohms, then you have a short somewhere in the distributor assembly. If the meter reads 'infinite' ohms, then you have an open in the distributor.
One thing that is easy to do, when installing the points, is to wire it up incorrectly. The points assembly has 2 stepped insulating washers. These must be installed correctly. The assembly sequence when installing the points is:
an insulating washer with the small step facing up;
the points spring;
the distributor lead wire;
the capacitor wire;
the insulating washer with the step facing down; and the nut.
If you have any of those 2 wires hooked up between the insulating washer and the nut, the system will simply not work.
There is also a ground wire on the advance plate and if it is broken, there is a slight chance that the system might not work. More likely than not it would still work, but it is a good ground for the system.
If everything STILL checks out ok, I would suspect the spark coil is at fault.
As I remember on the later cars, all of the Smiths electric gauges require a voltage regulator except for the volt meter gauge. When you turn the ignition switch on you should get 12 volts to the voltage regulator, and from the voltage regulator it goes to the gauges, and from there to the sending units to ground. The reason that they have a voltage regulator is so that the gauges would read correctly even though the car system varies from 12 to 15 volts. If I confused you, I am sorry - I am going by memory from a Triumph I used to own and my MGA does not have gauges like the newer cars. Let me know if this helps.