I would say not.
As a condenser (we call them capacitors nowadays) it is basically an open circuit at low frequencies (ie DC) and a short circuit at high frequencies. It reduces the sparking at your points by offering a low impedance to the high frequencies caused by the abrupt opening of the points, "shunting" the excess power to earth.
If you have a spectrum analyser you can probably test it.
Or you could just get a new one