Point should be closed up to about 26° BTDC, open for about 90°, then closed again. Seems something odd is happening with yours if they are in fact opening and closing as you suggest.
Randy is close in his description, but has it backwards; increasing the point gap advances the timing (opens the points sooner in the cycle), closing the gap has the effect of retarding the timing.
I normally set the points at 0.018-0.020", and the coil gap at 0.010". Some folks get very fussy about those settings but in my experience they are not all that critical as long as you are close.
If you are really opening at 8° BTDC and having the close/open cycle you describe, something is wrong with your setting or with the "cam" on the crank shaft. Points should be closed all the way 'round, open for a brief bit to interrupt the current flow, then close again. When the points open and interrupt the current flow, the collapsing magnetic field in the primary winding of the coil induce a voltage in the secondary windings, the "condenser" in effect discharges backwards through the primary windings speeding the collapse of the magnetic field, increasing the voltage induced in the secondary windings.
Check your condenser with your VOM on a high "ohms" scale, switch the leads back and forth a few times; the condenser should read as an open circuit, but will give a little blip on the meter each time you switch the leads as the battery in the meter has in effect charged the condenser a bit.
Finally, keep trying...you may have to prime and pull 3-10 times before you get the mixture in the combustion chamber just right. If after 10 pulls nothing has happened, prime again. After a few cycles like that if nothing happens you better go back to checking the spark, including swapping the plug for one from a running saw. More than one brand new plug has failed to fire under compression for some unknown reason.
Mark