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I had one of those once. The second set of points is only for increasing dwell. (longer duration spark) When MSD's came along the Mallory dual-point became obsolete.
Just set each gap to about .019 and the initial at about 12 degrees. Then check total to see if the advance weights are working. If not, dig in and lube it up. Old tech is kinda cool!
 

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Mallory dual point.. Worst dizzy ever!
Chuck it and get an MSD (85551).
The amount of times I had to rebuild that darn Mallory until it finally took a crap and completely locked up. (Stripped the 3/8" thread of the hold down clamp as the cam righteously threw it from the engine.:D )

When the MSD went in, I had to lower the revs by 300rpm with the same initial advance. Shows how much the dual point was misfiring.
 
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