No spark at #2 is a problem that needs fixing even if it runs.
Now you say that you have a distributor cap and plug leads on order, have you also ordered a new distributor rotor arm?
If not do so. Unlike conventional distributors the ones used don’t have all that much going on inside, the rotor arm is secured directly to the end of the camshaft spigot (dee sectioned) by a screw, this is @ 180 degrees opposite the rotor tip, make sure it’s tight and the rotor isn’t free to move about on the shaft.
Could you please take pix of the rotor arm and distributor cap both inside and outside of the cap, and post them on here so we can help you diagnose the problem.
There is one other highly unlikely but theoretically possible scenario.
Check the runout of the end of the camshaft with the distributor removed if it’s running eccentric (a bit like a cam itself as opposed to a running in a true rotational shaft pattern….smooth) then that will be a problem.
Unfortunately due to the dee section profile of the spigot on the camshaft end this will be difficult ( normally you would use a dial gauge for this ) you will have to eye ball this whilst a glamorous assistant rotates the crankshaft by hand….Tip, remove the spark plugs to make turning easier and smoother.
Another indicator of excessive runout might be evidence of oil leaking past the oil seal on the cam shaft end.
Any excessive runout that would be a problem will probably be visible with the eye.
The cause for this could be camshaft journal and bearing surface wear due to a lack of lubrication the the cyl head, possibly by running with low oil level or a blockage in the oil feed gallery feeding the cyl head.
I did say that this is highly unlikely, but it would be a real ball ache to fix.
If there is such a problem then the reason it will runout is because when a cam loads up against the valve gear it will try and lift the camshaft in that location and if the is excessive play in the support of the camshaft then that will translate as runout causing the distributor rotor to rotate in an eccentric manner, possibly missing #2 of the distributor cap.
I must point out that in the MG engine rebuild section of the manual they make no mention of this, so obviously they didn’t anticipate this as being a problem, they do mention measuring camshaft endfloat but not runout.
The fact that they hadn’t foreseen this problem doesn’t mean it isn’t a possibility, but it does make it unlikely.
Until you’ve dealt with these, you’ll probably not be able to start the car or make it drivable , but there are still plenty of things you can and should do in the meantime.
Go over all electrical connections in the engine bay, make sure the is no corrosion or verdigris ( green or blueish green powdery shit) on any of the terminals, both the terminals in the wiring plugs and on the various components.
Is the wiring still supple? In particular close to the terminals, and is there any damage to the insulation?
These engines live in a very hot environment and the wiring can get a bit cooked and brittle.
Anything suspect should be dealt with.
How are all of the fuses and fusible links any signs of corrosion or verdigris on the terminals of the fuse box and fuse.
The terminals of the fuse box will need to be cleaned, just replace any dirty fuses or fusible links.
Even if any of the problems found here aren’t the cause of your starting problems, they will need fixing anyway to ensure your continued enjoyment of the car.
To sum up, go over all the electrical connections, fuses etc. take some happy snaps of the old dizzy cap and rotor to post here for our perusal, replace the parts with those ordered and if you can be arsed check for excessive runout.
Once you’ve done that lot, get back to us with the results, if it’s still being a pain it the arse we’ll get all diagnostic on it’s sorry arse!
"Keep calm, relax, focus on the problem & PULL THE BLOODY TRIGGER"