Senior moment in my comment above - I wasn't thinking about a twin. I'm not sure about Andy's comment, since all Lucas magnetos I know of have fixed magnets, so the field is static; it never changes direction (although it gets complicated by the iron in the rotating armature). I'd say "theoretically" the best time to open the points is when the induced voltage is highest in the primary circuit; this happens when the rate of change of magnetic flux is highest - simplistically when the primary coil is at 45 degrees to the field. But of course the shaping of the pole pieces and the iron in the armature create a rather complicated field arrangement as the armature rotates.
So all my comment above are pretty-much theoretical waffle: just make sure there is significant resistance to rotation at the times when the points open (never perfect for a V twin, or course), and that there is one (and only one!) HT brush in contact with the slip ring segment when the points open. Flipping the ring might do this, but you'll need to check.
Leon