Think it'll be a v sensitive ohmmeter, designed to detect the 1/2 ohm odd difference between points shut (in theory if all is well, zero ohms) and points open (when you're measuring the R of the low tension winding).
One day someone will probably make a 'points setting special cb centre screw' of tough non-conducting material, strong enough to hold the backplate where it needs to be . . .
. . . and then a battery and bulb would do the job.
When done, replace screw with steel one.