I got my "solenoid" switch in today, slapped it on, and as I suspected, nothing. Took it off and that stud on the starter is so badly worn that the switch just isn't contacting it. I'll need to replace that stud, but it looks like it's a fairly easy job to replace, of course I've gotta FIND a replacement stud. From some reading it sounds like some folks got soldered studs but mine is either a screw or a bolt (forget which).
So I pulled that switch back off to give me access to the stud, removed the spring from the stomp pedal so the bendix would easily engage and stay engaged, and gave it some power. Goodness it sounds good turnin' over! Almost like someone had taken care of this thing (it's been off the road rusting away since '87) all these years. No lightning though. I did the ole screwdriver in the plug-cord trick and no juice is flowing that far downstream. Coil is good though, shows 1.4 ohms on the meter. The distributor spent the last two or three years with the cap off, so likely suspect there. I pulled it back open, points are surprisingly clean. But the bolt that connects to the ground on the distributor is broke -- mighta done that...
I'm figuring that vacuum powered auto-advance means the distributor is gonna be looser than most, but golly it sure feels like it's really too loose.
edit: I'm still fairly certain that the linkage that pushes the "solenoid" switch is too worn to actually actuate the switch.