G'day,
Electricity is a predictable quantity, it will take the path of least resistance.
A spark plug gap is around 20-25 thou.
Your spark is jumping approx 2cm.
For a spark to jump through air, the voltage needs to be about 3,ooo volt per millimetre. In this case 60,000 volts.
A couple of issues ?:
1) the Voltage seems a little high,
2) why is sparking from "the pick ups to the case", the path of least resistance ?, as opposed to up the lead and through the plug gap ?.
I would definately be changing the leads, pick ups and plugs just to be sure, but I'd reckon your problem is probably in your magneto, condensors are often the weak link, was the engine still running well ?.
Good luck.
Manosound, most anti seize products have quite a lot of metals in them, particularly nickel, nickel is quite a good conductor.