The 720 has the CDI built into the coil. There isn't any good way to check it. (Without dealer equipment) BUT... since I saw your thread on the MPEM...
The Mag on that engine is simple. THere is a coil in the MAG to charge the CDI/coil... and the CDI/Coil. In the wire going between those parts... the MPEM taps in, and grounds it to kill the engine. If you disconnect that wire... you should see spark if the ignition is good. Also... you should see a "ground" on the wire going back to the MPEM if powered down, and an "Open" when you put your lanyard on.