The primary wire connects the points to the ignition coil. It's the 'wrinkled wire' in the image. In itself, the wrinkling is not significant. Look inside the distributor cap for any evidence of condensation, cracks or carbon tracking. Carbon tracks are black soot residue left by high voltage repeatedly arcing across a surface. Typically carbon tracks are irregular in shape with a pattern reminiscent of lightning. When did the engine last have a complete tune-up?