Dave,
You are far from a PITB. I do this amateur Mr. Goodwrench stuff because I enjoy helping folks with the hobby...I wish I had all the right answers though.
I wouldn't replace anything right now. I would clean the points and gap them to maybe .017 or so. If you have a points file, use that, or a little piece of 600 grit sandpaper.
The test I described earlier was made using the DC volts scale on your meter. If you measure between coil - and ground, with the key on, you should read zero volts when the points are closed, as the potential has gone to ground, and you should see close to system voltage when the points are open...no ground available.
You can get lost when you start chasing continuity with the meter...stick with the DC volts scale for now. If you gap the points properly, and no wire is mashed or shorting inside the distributor, and the condenser hasn't suddenly decided to fail, your DC meter should read voltage with the key ON and the points OPEN when hooked from coil - to ground.
Stuart
